Indian Stocks Tumble as Rupee Drop Stokes Rate-Cut Concerns
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Indian stocks slid to a seven-week low amid concern the rupee’s slump to a record will limit the central bank’s scope to cut interest rates next week.
The S&P BSE Sensex declined 1.5 percent to 19,143 in Mumbai, its lowest close since April 18. Volume on the gauge was 64 percent more than the 30-day average. Jindal Steel & Power Ltd. plunged the most in more than five years after the federal investigator said it has registered a case against the company. Mahindra & Mahindra Ltd. led automobile producers lower after data showed industry-wide sales contracted in May.