Most Asia Stocks Decline After India Raises Key Rate
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Most Asian stocks declined after India unexpectedly raised its key interest rate. Japanese exporters gained as the yen weakened.
DLF Ltd., India’s biggest developer, tumbled 12 percent in Mumbai. CapitaLand Ltd., Southeast Asia’s largest homebuilder, slipped 2.5 percent in Singapore after proposing a convertible bond offering. Nikon Corp., a camera maker that gets 85 percent of sales outside Japan, climbed 6.4 percent in Tokyo. Shiseido Co. surged 5.8 percent after the cosmetics makers’ shares were recommended by Citigroup Inc.