Indian Stocks Drop Most in Year on Valuation, Trade Deficit Data
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Indian stocks dropped the most in a year as some investors judged the recent rally as excessive and after data showed the nation’s trade deficit widened in April.
The S&P BSE Sensex tumbled 2.1 percent to 19,691.67 at the close in Mumbai, with volumes 22 percent less than the 30-day average. All 30 stocks on the index dropped. ITC Ltd., India’s biggest cigarette maker, plunged 5.2 percent, contributing more than a third of the index’s loss. Engineering company Larsen & Toubro Ltd. slid 3 percent.