Indian Shares Tumble Amid Geopolitical Concerns

RTTNews | 1h 8min ago
Indian Shares Tumble Amid Geopolitical Concerns

(RTTNews) - Indian shares were sharply lower in early trade on Friday as crude oil prices soared amid escalating tensions in West Asia, raising worries about India's import bill, inflation and earnings.

The 30-share BSE Sensex was down 668 points, or 0.9 percent, at 74,234 while the NSE Nifty index dipped 217 points, or 0.9 percent, to 23,260.

Selling was seen across the board, with Larsen & Toubro, Axis Bank, UltraTech Cement, Tata Steel, Indigo, Mahindra & Mahindra and Bajaj Finance all falling around 2 percent.

HDFC Bank fell 1.2 percent despite the High Civil Court in Bahrain rejecting all seven cases filed against the bank by Credit Suisse AT1 bond investors.

Godrej Properties slumped 5.5 percent after settling the Gurugram project dispute with Orris Infrastructure.

The Phoenix Mills tumbled nearly 3 percent after announcing the effective date of its merger and amalgamation scheme involving multiple subsidiaries.

Wipro edged up slightly after saying its AI initiatives have generated productivity equivalent to about 20000 employees.

Peers Infosys, Tech Mahindra and HCL Technologies were up around 1 percent each.

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