India’s Sensex Index Falls; ICICI Bank, Sterlite Lead Decline
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India’s benchmark stock index retreated from a 30-month high, paring a weekly advance, led by financial companies after Credit Suisse Group AG said the nation’s banking stocks are “expensive.”
ICICI Bank Ltd., the country’s second-largest lender, dropped for the first time in four days. Housing Development Finance Corp., the biggest mortgage lender, retreated from the highest level in at least 19 years. Credit Suisse said it favors Chinese banks the most among Asian financial stocks. Sterlite Industries (India) Ltd., the biggest copper and zinc producer, declined as raw material prices dropped.