India’s Sensex Index Drops to 10-Week Low on Rupee, Fund Outflow
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Indian stocks dropped, extending a three-week slide, after the rupee declined and as foreign funds capped the biggest selloff in almost two years.
The S&P BSE Sensex retreated 1.2 percent to 18,540.89 in Mumbai, the lowest close since April 15. Volume on the gauge was 32 percent higher than the 30-day average. Larsen & Toubro Ltd., the nation’s largest engineering company, retreated to more than a two-month low. Cigarette maker ITC Ltd., which has the highest weighting on the Sensex, fell for the fifth day, the longest losing run in 13 months.