India’s Stocks Drop as Central Bank Flags Currency Intervention
This article is for subscribers only.
India’s stocks fell, led by Infosys Technologies Ltd. after its earnings report and as the central bank indicated it may intervene to limit currency gains, prompting concern it may slow record foreign fund inflows.
Infosys, the second-largest software exporter, retreated from its highest ever level, halting a three-day, 3.6 percent advance. Chief Financial Officer V. Balakrishnan today said rupee volatility will “kill the whole export industry.” Smaller peer Wipro Ltd. slid the most since January.