Indian shares fall over 1% as IT, banks weigh
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Indian shares fell over 1% early Thursday, pulled down by losses in information technology and banks, while a government move to raise taxes on fuel exports and domestic crude hammered energy stocks.
The NSE Nifty 50 index was down 1.2% at 17,552, as of 0351 GMT, while the S&P BSE Sensex dropped 1.23% at 58,806.99.
The Nifty IT index dropped 1.7%. Additionally, the bank index fell 0.9%.
Indian government late Wednesday raised taxes on aviation, diesel fuel exports, domestic crude oil, dragging the energy index down 1%.
Shares of SpiceJet slumped as much as 14.7% after its chief financial officer resigned, with the low-cost carrier posting a wider quarterly loss and facing increased scrutiny over mid-air incidents.
Meanwhile, India's economy grew at its fastest pace of 13.5% year-on-year in the April-June quarter, though economists flagged that growth could lose momentum in coming quarters as higher interest rates cool economic activity.
