India’s Sensex Drops to One-Week Low Amid Phone Investigations
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India’s stocks fell for a second day, with the benchmark index dropping to its lowest level in a week, as the government widened a probe into the issuing of mobile-phone licenses.
Reliance Communications Ltd., the nation’s second-largest mobile-phone operator, lost 3.5 percent as federal investigators searched homes of Andimuthu Raja, who was telecommunications minister in 2008 when the government auditor said licenses were sold at below market rates. Sterlite Industries (India) Ltd., the biggest copper producer, declined with metal prices.