Indian stocks fall nearly 3pc on opening

MUMBAI: Indian stocks fell nearly three percent on opening Monday, tracking plunging Asian markets after last week's downgrade of the United States' credit rating.

The benchmark 30-share Sensex on the Bombay Stock Exchange lost 472.41 points or 2.73 percent to 16,833.46 within minutes of opening.

Software outsourcers Wipro and Infosys, which all have a large exposure to the US market, were worst hit, shedding more than 4.0 percent, while fellow IT giant TCS lost nearly 5.30 percent.

Leading vehicle maker Tata Motors shed more than 5.0 percent on concerns of slowing auto sales, as interest rates and input costs continue to rise. Tata Steel was also affected.

Copyright AFP (Agence France-Presse), 2011