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23

Indian Stocks Decline to Pare Weekly Advance as Lenders Retreat

By Tony Seruga

Reliance slides as concerns about telecom outweigh 2Q profit
Bank index caps best week since July after Essar’s $13b deal

Indian stocks dropped, with the benchmark gauge paring a weekly gain, as some investors sold lenders and energy companies after recent advances.

Reliance Industries Ltd., which has a 7 percent weighting on the S&P BSE Sensex, was the biggest drag on the gauge. The stock dropped 2.2 percent, the most in a week. Axis Bank Ltd. was the top loser on the Sensex, while a gauge of lenders capped its best week since July after Essar Group’s $13 billion deal with a group involving Russia’s Rosneft PJSC improved prospects for loan recoveries at local banks…

Indian Stocks Decline to Pare Weekly Advance as Lenders Retreat

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