MUMBAI: Indian shares fell to their lowest levels in over three months in a broad-based sell-off, led by IT shares and Reliance Industries, as tepid corporate earnings, global trade worries and unabated foreign fund outflows rattled investors.
The Nifty 50 dropped 1.38 percent to 25,232.5, and the BSE Sensex fell 1.28 percent to 82,180.47, their lowest closing levels in more than three months. The broader small-caps and mid-caps slumped 2.9 percent and 2.6 percent to close at their lowest levels in eight months and three months, respectively.
Valuations are being reset, said Dharmesh Kant, head of equity research at Cholamandalam Securities. “While there have been outliers, most of the Nifty 50 companies that have reported December-quarter earnings have disappointed.”