By
Financial stocks push Sensex more than 1% lower
Photo Credit: Reuters

Indian shares ended more than 1 percent lower on Monday, dented by financials such as ICICI Bank and Yes Bank Ltd, with exposure to Infrastructure Leasing & Financial Services (IL&FS) group companies still hurting.

A string of defaults at the major infrastructure financing and building company had triggered sharp falls in the stock and debt markets last year amid fears of contagion within the rest of the country's financial sector.

Financials including Yes Bank and Bandhan Bank have said their exposure to IL&FS is about 25.30 billion rupees ($355.75 million) and 3.85 billion rupees, respectively.

The benchmark Sensex closed down 1.02 percent at 35,656.7. The broader Nifty ended 1.10 percent weaker at 10,661.55.

Sensex and Nifty are the top drags among major Asian peers, closing at their lowest in 25 days.

Yes Bank closed 5.5 percent lower, while ICICI Bank ended down 3.82 percent.

Leave Your Comment(s)