MUMBAI: India’s benchmark stock-index declined by the most in two weeks as metal producers and consumer companies fell before the expiry of monthly derivatives on Thursday.
Vedanta, the nation’s largest copper and aluminum refiner, slid to a six-week low, and Tata Steel retreated to the lowest price since April 6. ITC decreased to an 11-month low after its quarterly profit missed estimates.
Tata Power lost 1.5 per cent after the BSE said the stock will be dropped from the S&P BSE Sensex starting June 22.
The Sensex lost 1.1 per cent to 27,643.88, the most since May 12. The gauge rose to a five-week high on Friday as bets mounted that slowing inflation will give the central bank room to ease monetary policy next month.
While 52 per cent of the Sensex members that have posted results for the March quarter have exceeded or matched estimates, earnings will fall for a second quarter, forecasts compiled by Bloomberg show. The index trades at 15.3 times projected 12-month profits, compared with the MSCI Emerging Markets Index’s multiple of 12.3.
