Indian Stocks Fall to Two-Month Low as Rupee Weakens to RecordRajhkumar K Shaaw
Indian stocks dropped to the lowest level in more than two months after the rupee’s slide to a record spurred concern outflows will accelerate.
The S&P BSE Sensex fell 0.6 percent to 18,519.82, according to preliminary closing prices in Mumbai. Cell-phone operator Bharti Airtel Ltd. dropped the most in a about a year. Tata Motors Ltd. slid for the seventh day. The rupee weakened past 60 to a record low today.
Foreign investors are on course for the first monthly net sales of Indian stocks since May 2012. They pulled $256 million from domestic shares on June 24, a 10th day of outflows, data compiled by Bloomberg show. That pared this year’s purchases to $13.8 billion, still a record for the period, the data show.