India’s stocks fell, with the benchmark index retreating 11 percent from its April 7 peak, as investors sold shares on concern Europe’s debt crisis will slow global economic growth.
Wipro Ltd., the nation’s third-biggest software services exporter, declined 2.4 percent. Tata Motors Ltd., a truckmaker that has a unit in South Korea, dropped for the eighth day after a report that North Korea’s military is on combat alert. Overseas funds have sold a net $1.77 billion of the nation’s equities this month, on course for the most outflows since October 2008.
The Bombay Stock Exchange’s Sensitive Index, or Sensex, fell 451.58, or 2.7 percent, to 16,017.97, according to preliminary closing prices, the lowest level in more than three months. Some analysts consider a decline of more than 10 percent a correction. The S&P CNX Nifty Index on the National Stock Exchange lost 2.7 percent to 4,809.90. The BSE 200 Index retreated 2.8 percent to 2,033.80.