Indian shares drop over 1%; Future Group firms tank
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BENGALURU - Indian shares fell sharply on Monday as prospects of aggressive rate hikes by the U.S. Federal Reserve hit investors' appetite for risky assets, while stocks of Future Group firms tumbled after Reliance Industries called off a deal to buy its assets.
The NSE Nifty 50 index was down 1.27% at 16,957.15, as of 0352 GMT, while the S&P BSE Sensex fell 1.25% to 56,508.91. Both the indexes fell over 1% on Friday.
Broader Asian stocks also lost ground on Monday, with MSCI's broadest index of Asia-Pacific shares outside Japan falling 1.6% to a six-week low. [MKTS/GLOB]
In domestic trade, stocks across the board slid, with 49 of the 50 stocks on the Nifty 50 index trading lower.
Private-sector lender ICICI Bank was the only gainer, adding 1.5% after it posted March-quarter results https://www.bseindia.com/xml-data/corpfiling/AttachLive/95a30e0a-28a0-4379-823b-49b478bbd237.pdf over the weekend.
Future Group companies slid — Future Retail was down 5%, Future Consumer crashed 19.4%, while Future Enterprises declined 9.5%.
Conglomerate Reliance on Saturday called off its $3.4 billion deal with Future Group, saying it "cannot be implemented" after Future's secured creditors rejected it.
(Reporting by Chandini Monnappa in Bengaluru; editing by Uttaresh.V)
