Indian shares slipped 3.09 percent on Tuesday for a sixth trading day of losses as investors exited after quarterly earnings from index-heavyweights disappointed, dealers said. The benchmark 30-share Sensex index fell 491.34 points to 15,404.94, a two-month-low. The markets reopened for trading Tuesday after a public holiday.
They were dragged down by index-heavyweight Reliance Industries which slid 5.73 percent or 110.6 rupees to 1,820.65, ahead of a scheduled Supreme Court of India hearing on Wednesday. The Supreme Court is slated to resume hearings into a bitter gas supply dispute pitting Reliance Industries, controlled by Mukesh Ambani, and Reliance Natural Resources, steered by his younger brother Anil.
Reliance Natural Resources' shares rose 2.95 rupees or 4.56 percent to 66.5. "Widespread selling was seen in property, cement and telecom stocks," said Alex Mathews, head of research at Geojit BNP Paribas Financial Services. Losers led gainers 2,171 to 534 on turnover of 51.04 billion rupees (1.08 billion dollars).
Rival Reliance Communications, headed by Anil Ambani, fell 10.05 rupees or 5.71 percent to 165.9, after the company at the weekend showed a 51 percent drop in quarterly profit. The company said net profit fell to 7.4 billion rupees from 15.3 billion rupees a year earlier. DLF fell 33.45 rupees or 9.04 percent to 336.55 while the largest bank State Bank of India retreated 87.5 rupees or 3.99 percent to 2,103.55.
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