Indian shares tumble 2% on escalating Ukraine tensions
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BENGALURU - Indian shares slumped on Monday, dragged down by banking stocks and as investors globally fretted over escalating tensions between Russia and the West over Ukraine.
The NSE Nifty 50 index fell 2.1% to 17,018, as of 0346 GMT, while the S&P BSE Sensex was down 2.1% at 56,910.46.
Banking stocks were under radar after India's federal investigation agency filed a police complaint against ABG Shipyard Ltd and its promoters accusing it of defrauding lenders of 228.42 billion rupees.
The Nifty banking index fell 2.8%, while the public sector banking index dropped 3.5%.
Meanwhile, state-run Life Insurance Corp of India filed draft papers with the market regulator on Sunday to sell 5% of its shares to potentially raise nearly $8 billion, dwarfing the biggest IPO in Asia's third-largest economy by a considerable margin.
India is expected to release inflation data for January later in the day.
