Jan. 20 (Bloomberg) -- Indian stocks fell after the U.K. widened a rescue plan for Royal Bank of Scotland Group Plc, sparking concerns that more lenders will need bailouts as the global recession deepens.
ICICI Bank Ltd. <http://www.bloomberg.com/apps/quote?ticker=ICICIBC%3AIN> , the nation's second-largest bank, and Housing Development Finance Corp.<http://www.bloomberg.com/apps/quote?ticker=HDFC%3AIN>, the largest mortgage provider, both declined the most in more than a month. "RBS shook us up again," said Shashank Khade<http://search.bloomberg.com/search?q=Shashank+Khade&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1>, who helps manage $400 million at Kotak Securities Ltd. in Mumbai. "It shows that the rot is much deeper and the downside each bank faces has not been estimated properly." The Bombay Stock Exchange's Sensitive Index, or Sensex<http://www.bloomberg.com/apps/quote?ticker=SENSEX%3AIND>, retreated 247.46, or 2.7 percent, to 9,082.11 as of 11:32 a.m. local time. The S&P CNX Nifty Index<http://www.bloomberg.com/apps/quote?ticker=NIFTY%3AIND>on the National Stock Exchange fell 2.6 percent to 2,771.90. The BSE 200 Index slid 2.2 percent to 1,084.94. Nifty futures for January delivery slid 2.9 percent to 2,751.50. RBS forecast a loss of as much as 28 billion pounds ($40 billion) this year, the biggest in British history. ICICI fell 4.6 percent to 393.50 rupees, the lowest since Dec. 8. Housing Development Finance dropped 4.6 percent to 1,475.50 rupees, the most since Dec. 5. HDFC Bank Ltd., the No. 3 lender, fell 3.5 percent to 908.30 rupees. State Bank of India, the largest, slid 3.1 percent to 1,110.60, its lowest since Dec. 3. Overseas funds sold a net 5.63 billion rupees ($116 million) of Indian stocks on Jan. 16, according to the nation's stock market regulator. The following were among the most active shares traded on the Bombay and National stock exchanges. Stock symbols are in parentheses after company names: MindTree Consulting Ltd.<http://www.bloomberg.com/apps/quote?ticker=MTCL%3AIN>(MTCL IN) dropped 21.25 rupees, or 8.9 percent, to 217.75, its lowest since listing in March 2007. The Indian computer-services provider set up by former Wipro Ltd. executives said group profit in the three months ended Dec. 31 dropped 56 percent to 87.2 million rupees. Rolta India Ltd. <http://www.bloomberg.com/apps/quote?ticker=RLTA%3AIN>(RLTA IN) added 1.6 rupees, or 1.8 percent, to 89.30. The maker of design software said group profit for the quarter ended Dec. 31 climbed 0.6 percent to 605.60 million rupees. Maytas Infra Ltd. <http://www.bloomberg.com/apps/quote?ticker=MAY%3AIN> (MAY IN) dropped 5.3 rupees, falling for an eighth day by its 5 percent daily limit, to 105.65. India ordered its fraud office to probe two companies owned by the founders of Satyam Computer Services Ltd. as they may be linked to the $1 billion fraud at the software maker. The Indian software maker at the center of a fraud investigation for overstating earnings has a "nexus" with Maytas Properties Ltd. and Maytas Infra, Prem Chand Gupta<http://search.bloomberg.com/search?q=Prem+Chand+Gupta&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1>, Company Affairs Minister, said yesterday. Satyam rose 0.2 rupee, or 0.8 percent, to 25.7. Tata Communications Ltd.<http://www.bloomberg.com/apps/quote?ticker=TCOM%3AIN>(TCOM IN) slid 11.15 rupees, or 2.4 percent, to 453.70. The phone company controlled by India's Tata Group has acquired the 30 percent stake in Neotel Ltd. previously owned by South Africa's Transnet Ltd. and Eskom Holdings Ltd. http://www.bloomberg.com/apps/news?pid=20601091&sid=aAkK_OT0zjoU&refer=india --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en -~----------~----~----~----~------~----~------~--~---
