India’s Stocks Drop for Second Week, Sensex at Two-Month Low
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Indian stock fell, driving the benchmark index to its lowest level in two months, as the government faced censure over the handling of phone licenses.
Reliance Communications Ltd., the nation’s second-largest mobile-phone operator, and Unitech Ltd., which has a phone venture with Telenor ASA, dropped for a seventh day to the lowest level in five months. The companies yesterday said they’re cooperating in an investigation into the sale of airwaves below market rates that may have cost the federal government 1.4 trillion rupees ($31 billion) in revenue.