MUMBAI, Dec 8 (Reuters): Indian shares posted their biggest falls in 7-1/2 weeks on Monday, as IT services exporter Infosys Ltd slumped after its founders sold the company's stock, while metals and mining firms tumbled on data showing an unexpected fall in China's imports.
Recent outperformers also took a hit on a slew of worrisome global factors, including stronger-than-expected United States jobs data that raised the prospect of early US rate hikes and a ratings downgrade for Italy.
Adding to the concerns, overseas investors have also started taking profits. Foreign institutional investors sold Indian shares worth 1.09 billion rupees on Friday.
"Today's fall was basically on tech stocks, especially on Infosys, and investors booked profits in banks. However, nothing fundamentally went wrong. Perhaps fundamentals are far more positive now. We expect more reforms to go through in this (parliament) session," said Deven Choksey, managing director, KR Choksey Securities.
The benchmark BSE index closed 1.19 per cent lower at 28,119.40, while the broader NSE index ended down 1.17 per cent at 8,438.25.
Infosys shares led the losses. The stock fell 4.8 per cent, its biggest single-day fall since May 29, after some of the company's founders sold shares worth $1.1 billion.
The founders and their families sold 32.6 million shares in Infosys at a fixed price of 1,988.87 rupees each, a 4 per cent discount to Friday's close.
Metals and mining stocks fell after China's imports shrank unexpectedly in November while export growth slowed, fuelling concerns the world's second-largest economy could be facing a sharper slowdown.
Indian shares fall over 1.0pc
FE Team | Published: December 09, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
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