BENGALURU, July 19 (Reuters) - Indian shares fell more than
1% on their worst day in over two months on Monday, dragged down
by HDFC Bank-led banking stocks, while a surge in worldwide
coronavirus cases hurt global stocks and further dented
The blue-chip NSE Nifty 50 index closed down 1.07%
at 15,752.4, while the benchmark S&P BSE Sensex ended
1.1% lower at 52,553.4 on Monday. Both the indexes had hit
all-time highs in the previous session.
HDFC Bank was the top loser, ending down about
3.4% after it missed quarterly profit expectations on Saturday
as bad loan provisions rose and asset quality deteriorated. The
Nifty Bank index slipped 1.9%.
Shares of Adani Group companies fell between 1.1% and 4.8%
on news India's securities regulator and customs authorities
were investigating some group companies for non-compliance of
Shares of HDFC Life were down 2.8% after the
company reported a 33% fall in quarterly profit as claims soared
due to the second COVID-19 wave.
Global stocks were facing their longest losing streak since
the pandemic first hit global markets 18 months ago after a
surge in worldwide coronavirus cases pushed down bond yields.
Global economic growth is also beginning to show signs of
fatigue as many countries, particularly in Asia, struggle to
curb the highly contagious Delta variant of the novel
coronavirus and have been forced into some form of lockdown.
The Indian rupee dropped to its lowest level in three months
on Monday, in line with other Asian currencies, as the rapid
spread of the Delta variant of coronavirus threatened to derail
(Reporting by Vishwadha Chander in Bengaluru; Editing by
Shailesh Kuber and Maju Samuel)