Indian shares ended at their lowest in two weeks on Wednesday, with Tata Motors pulling the indexes down after posting disappointing results. The benchmark BSE index fell 0.65 percent to 28,155.56, its lowest since February 1. The broader NSE index fell 0.77 percent to 8,274.70, after falling as much as 0.90 percent earlier in the session.
Tata Motors fell as much as 8.6 percent to its lowest since December 7, 2016 after the automaker on Tuesday reported a worse-than-expected 96 percent fall in December-quarter profit, citing sharply lower earnings at Jaguar Land Rover (JLR) and losses in its domestic business. Sun Pharmaceutical fell as much as 3.4 percent after reporting its first fall in quarterly profits in a year on Tuesday, as pricing issues and supply constraints affected sales in the US - its largest market.
"We will see a drop-curtain on earnings; not been negative but in line, in some cases better ... We are in a consolidation market for the next week and a half," said Gaurang Shah, Vice President, Geojit Financial Services. Nifty Auto index was down 1.64 percent, having risen 7.4 percent this year up to Tuesday's close. Nifty Pharma index was down 1.3 percent, led by Sun Pharma and Glenmark Pharmaceuticals, down 1.9 percent.
The Indian government's demonetisation move has hit quarterly results of some companies such as DLF Ltd and SpiceJet which reported a fall in December-quarter profit on Tuesday. Shares of DLF were down 4.3 percent while SpiceJet fell 6.8 percent.
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