Indian shares closed 3.28 percent lower Friday on concerns of further monetary tightening after inflation rose, while industrial production data disappointed, dealers said. The benchmark Mumbai 30-share Sensex index fell 456.39 points to 13,469.85.
"Wholesale prices jumped, showing no signs of cooling despite the Reserve Bank of India's aggressive monetary tightening in recent months," said Sherman Chan, an economist with Moody's Economy.com.
Infosys reported a forecast-beating first quarter net profit jump of 20.7 percent, soothing some concerns about the impact of a global economic slowdown. Net profit over the three months to June hit 13.02 billion rupees (302 million dollars) from 10.79 billion a year earlier, the company said.
Infosys fell 129.75 rupees or 7.18 percent to 1,676.45 as investors booked profit from an intra-day high of 1,876. Losers led gainers 1,655 to 995 on volume of 52.99 billion rupees. TCS fell 69.8 rupees or 8.03 percent to 799.2, ahead of its first quarter earnings next week. Larsen and Toubro fell 174.45 rupees or 6.89 percent to 2,357.2.
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