India’s Sensex Index Declines; Reliance Communications Drops
Indian stocks fell, driving the benchmark index to its lowest level in a week, as federal investigators searched homes of a former telecommunications minister.
Reliance Communications Ltd., the second-largest mobile- phone operator, fell 1.7 percent. The homes of Andimuthu Raja were searched in New Delhi and Chennai, R.K. Gaur, press information officer of the Central Bureau of Investigation, said today. Raja was telecommunications minister in 2008, when the government auditor said licenses were sold at below market rates. Sterlite Industries (India) Ltd., the biggest copper and zinc producer, declined as metal prices dropped.
The Bombay Stock Exchange’s Sensitive Index, or Sensex, lost 84.18, or 0.4 percent, to 19,850.46 at 9:16 a.m. in Mumbai. The S&P CNX Nifty Index on the National Stock Exchange dropped 0.5 percent to 5,946.20. The BSE 200 Index retreated 0.4 percent to 2,476.82.
Reliance Communications decreased 1.7 percent to 131.9 rupees. Sterlite retreated 1 percent to 170.6 rupees. Copper prices fell in Shanghai, New York and London.
Overseas investors purchased a net 769 million rupees ($17.2 million) of Indian shares on Dec. 6, taking this year’s record inflows in equity to 1.34 trillion rupees, according to data on the website of the Securities and Exchange Board of India.
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