MUMBAI: Indian shares slid more than 1% on Monday, with the benchmark Nifty 50 and Sensex indexes finishing at seven-month lows, as a swathe of lacklustre earnings reports fuelled fears that a slowdown in corporate profits would continue.
The Nifty 50 fell 1.14% to end at 22,829.15, while the BSE Sensex shed 1.08% to close at 75,366.17.
Small-cap stocks sank 3.8%, while mid-caps lost 2.75%, both posting their worst session in two weeks. All 13 major sectors logged losses.
“Slowing earnings in the December quarter has been a major pain point for the domestic markets, with the weakness in capex and consumption spooking investor sentiment,” said Avinash Gorakshakar, head of research at Profitmart Securities.
Among the companies reporting earnings, IDFC First Bank fell about 9% after posting a lower quarterly profit, hurt by souring microfinance loans.
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