Indian shares fall as auto, metals slide; Paytm down

The blue-chip NSE Nifty 50 index was down 1.2% at 16,826.10

  
Image used for illustrative purpose A general view of the Bombay Stock Exchange (BSE), after Sensex surpassed the 60,000 level for the first time, in Mumbai, India, September 24, 2021.

Image used for illustrative purpose A general view of the Bombay Stock Exchange (BSE), after Sensex surpassed the 60,000 level for the first time, in Mumbai, India, September 24, 2021.

REUTERS/Francis Mascarenhas

BENGALURU: Indian shares extended their slide on Monday, after seeing their biggest fall in seven months in the previous session, as autos, metal, and energy stocks led losses amid concerns around the Omicron variant of the coronavirus.

The blue-chip NSE Nifty 50 index was down 1.2% at 16,826.10 by 0351 GMT, while the benchmark S&P BSE Sensex slid 1% to 56,525.39. The Nifty Auto Index dropped 2.47%, with Ashok Leyland and Tube Investments of India being among the worst hit in early trading. Other drags included the metal and energy indexes, down about 1.5% each.

Heavyweight Reliance Industries, however, rose 1.5% after the company's telecom venture, Jio, said on Sunday it will raise its prepaid tariffs by 21%, matching hikes by rivals Bharti Airtel and Vodafone Idea Ltd .

Shares of One 97 Communications Ltd, the parent of fintech firm Paytm, fell 3.44%.

The company, which reported its earnings publicly for the first time since its stock market debut this month, said net loss for the three months through September widened by 8.4% as expenses rose. 

Global markets, meanwhile, rebounded, as investors latched on to hopes the variant of concern would prove to be "mild", while oil prices bounced more than $3 a barrel. 

(Reporting by Vishwadha Chander in Bengaluru; editing by Uttaresh.V) ((Vishwadha.Chander@thomsonreuters.com; Mobile: +91 7506036802; Twitter: https://twitter.com/vishwadha;))


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