|13 August, 2019

Indian shares end sharply lower as auto sector takes beating

Indian shares ended sharply lower on Tuesday

A broker monitors share prices while trading at a brokerage firm in Mumbai May 13, 2014.

A broker monitors share prices while trading at a brokerage firm in Mumbai May 13, 2014.

REUTERS/Danish Siddiqui

BENGALURU- Indian shares ended sharply lower on Tuesday, led by a drop in automotive stocks after data showed monthly passenger vehicle sales fell at their worst pace in nearly two decades as the industry goes through a prolonged slowdown.

The broader NSE index ended 1.65% lower at 10,925.85, while the benchmark BSE index  closed down 1.66% at 36,958.16.

The Nifty autos index slid about 4%, its worst decline since 2016, as sales of passenger vehicles to car dealers plunged 30.9% in July. Shares of top Indian automaker Maruti Suzuki Ltd fell 5%. 

Shares of oil-to-telecoms conglomerate Reliance Industries Ltd climbed 9.7%, after it unveiled the sale of a portion of its oil to chemicals business to Saudi Aramco. The Nifty energy index was the only sector to end higher out of 14 sub-indexes, powered largely by Reliance.

Private-sector lender Yes Bank Ltd fell 10.9%. The company named a new chief financial officer on Tuesday. 

(Reporting by Sachin Ravikumar; Editing by Bernard Orr) ((saisachin.r@tr.com; +91 974 242 6173; Twitter: @sachinr27;))

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