Stocks fall 2%, in Red for Fourth Consecutive Day

India’s stock indices suffered their biggest one—day loss in seven months on Monday, dragged down by heavyweight Reliance Industries Ltd after the oil to telecom conglomerate put a stake sale to Saudi Aramco on the backburner.

The rupee weakened against the dollar as talk of a faster pace of bond tapering by the US Federal Reserve led to a global strengthening of the greenback. A continuation of the slide in digital payments giant Paytm’s shares also weighed on the market. The stock has lost 37% in two days following its listing after a record setting initial public offering (IPO) earlier this month.

Ending down for the fourth straight day, Indian indices slumped the most among Asian markets. The sensex fell 1,170.12 points or 2% to close at 58,465.89 and the Nifty slipped 348.25 points or 2% to close at 17,416.55.

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