India’s Sensex Index Drops as Libyan Conflict Spurs Oil Prices
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Indian stocks dropped on concern surging oil prices amid instability in the Middle East and North Africa will fan inflation and prompt further increases in interest rates in the South Asian nation.
Hero Honda Motors Ltd., the country’s biggest motorcycle maker, sank to its lowest in 18 months. HDFC Bank Ltd., the second-largest private lender, lost 2.9 percent. Oil jumped to the highest in more than two years as violence escalated in Libya, stoking concern crude supplies will be disrupted. Reliance Industries Ltd., the largest company by market value, surged 3 percent after agreeing to sell stakes in 23 oil areas to BP Plc.