Indian shares slump 1.49 percent

Indian share prices fell 1.49 percent on Thursday as oil prices rose to a new record high renewing fears of inflation. They said investors chose to unwind positions awaiting key inflation data on Friday, which could determine near-term trends.
The benchmark Mumbai 30-share Sensex fell 258.66 points to 17,080.65 points, its fourth straight day of losses. India's inflation has now accelerated to a 42-month peak of 7.57 percent for the week ended April 19, driven by higher food costs, official data showed last Friday. "Higher commodity and oil prices are keeping inflation concerns high," said Manoj Kakaiya, dealer with brokerage ULJK Securities.