Indian Stocks Drop as Oil Surges; Reliance Shares Lead Retreat
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Indian stocks declined, with the benchmark index dropping for a second week, as surging oil prices raised concerns about faster inflation and higher interest rates.
Reliance Industries Ltd. lost the most in almost 11 months after an industry website reported natural gas production at a field operated by the nation’s largest company by market value may drop. Housing Development Finance Corp., the largest mortgage lender, fell for the fourth day. Oil climbed on speculation turmoil in Libya may spread and disrupt supply. India’s central bank yesterday signaled higher crude prices may fan inflation as it raised borrowing costs for the eighth time in a year.