Indian Stocks Retreat for Fifth Day on Rate Increase Concern
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India’s benchmark stock index fell for a fifth day after the wholesale inflation rate was faster than economists estimated, spurring concern the central bank may increase borrowing costs.
Mahindra & Mahindra Ltd., the nation’s largest maker of sport-utility vehicles and tractors, tumbled the most in four months. Jindal Steel & Power Ltd. declined to a three-week low. GlaxoSmithKline Pharmaceuticals Ltd. jumped the most in two decades to a record after its parent offered to increase its stake. Software exporter Infosys Ltd. advanced 2.3 percent.