Indian Stocks Fall on Oil Rally, Government Ally Withdrawal
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India’s benchmark stock index fell the most in a week as an oil-price rally stoked inflation concerns and an ally of Prime Minister Manmohan Singh vowed to pull out of his ruling coalition.
State Bank of India, the nation’s biggest, lost the most in more than a week. Oil gained a second day, rising above $105 a barrel in New York, as unrest in Libya renewed concern supply disruptions may spread. The Dravida Munnetra Kazhagam said March 5 it would end support for Singh’s National Congress party-led government over a disagreement on seats to be contested in a regional election. Tata Motors Ltd., the biggest truckmaker and owner of Jaguar Land Rover, dropped 4.1 percent.