Business News
Indian stocks fall more than 2 per cent
Dec 8, 2011, 12:37 GMT
New Delhi - Indian shares closed about 2.30 per cent down Thursday on concerns over the government's inability to push through policy reforms and the persisting eurozone financial crisis.
The benchmark 30-share Sensex index on the Bombay Stock Exchange closed at 16,488.24 points, down 388.82 points or 2.30 per cent lower than Wednesday's close.
The broader 50-share S&P CNX Nifty on the National Stock Exchange lost 2.35 per cent to close at 4,943.65 points, 118.95 points down.
The government's announcement Wednesday that it would suspend a decision to allow up to 51 per cent foreign direct investment (FDI) in multi-brand retail hurt investor sentiment, according to analysts.
There was heavy selling in realty, metal, banking and consumer goods sectors.
Finance Minister Pranab Mukherjee told Parliament that Indian markets were being hurt by an outflow of foreign institutional investment due to the global economic slowdown.
Mukherjee said the total outflow of foreign institutional investment between September and November had been to the tune of 6 billion dollars while the inflow was less than 3 billion dollars.
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