India Stocks Cap Biggest 2-Day Drop Since 2013 as Unitech Slumps
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Indian stocks tumbled for a second day, led by real-estate and construction companies, on concern inflation may prevent the central bank from paring interest rates further.
Unitech Ltd., a property developer, plunged 36 percent to the lowest price since January 2006, and Jaiprakash Associates Ltd., a builder of dams and roads, slumped the most in six years. State Bank of India, the nation’s biggest lender, fell to a two-month low, the worst performer on a gauge of lenders. Nestle India Ltd. plunged the most in nine years amid reports its Maggi instant noodles were unfit for consumption.