Indian stocks dropped by the most in a month, with shares in delivery service Zomato leading other tech companies down to shed almost a fifth of their value, as the spectre of US interest rate rises looms.
The Nifty 50 index of India’s biggest listed companies fell more than 2 per cent on Monday, its biggest percentage decline since December 20. The S&P Sensex dropped as much as 2 per cent.
The Nifty, which had double-digit gains in 2021, has fallen 0.5 per cent this year while Sensex is off by 0.6 per cent.
Tech companies were among the hardest hit. Shares in Zomato fell as much as 18 per cent, extending its decline this year to more than 30 per cent.
Shares in Nyka dropped 10 per cent, hitting their lowest level since the online beauty group listed in November. Those in insurance comparison site PolicyBazaar shed a tenth of their value while Paytm, the online payments provider, fell 6 per cent.
India’s biggest companies were not spared: heavyweights such as Mukesh Ambani’s Reliance Industries fell more than 2 per cent even after reporting robust earnings on Friday.
“The bull case is that company performance is good, corporate India has corrected its leverage very significantly,” said Amit Tandon, managing director of Institutional Investor Advisory Services.
But the “bear case” lies with interest rates, especially if the US raises borrowing costs, which will hit “the flow of liquidity into all emerging markets including India”, he added.
https://news.google.com/__i/rss/rd/articles/CBMiP2h0dHBzOi8vd3d3LmZ0LmNvbS9jb250ZW50L2UyNGMxYTkzLTZhNDItNGMxOC1hNjJmLWE4YjM2YzIwZGU5YdIBAA?oc=5
2022-01-24 08:06:49Z
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