India Stocks Drop on Financial Sector Concern, Global Sell-Off

Indian stocks declined amid a global sell-off on deepening concerns over an economic slowdown and domestic worries about the health of the financial sector, Bloomberg News reported. The S&P BSE Sensex declined 0.5% to 38,106.87 as the 3:30 p.m. close in Mumbai, while the NSE Nifty 50 Index slid 0.4%. Renewed doubts about debt and the availability of liquidity for non-bank lenders have helped spark a bearish turn in the market. With investors expecting more defaults among mid-sized companies, local stocks are starting to give up gains made after surprise corporate tax cuts two weeks ago. Read more