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Indian shares sink on record surge in daily COVID-19 cases
Photo Credit: Reuters

Indian shares dropped on Monday as the country struggled to contain an unrelenting surge in coronavirus infections, fuelling fears of harsher restrictions and more economic pain.

The NSE Nifty 50 index was down 2.4% at 14,264.10 by 0345 GMT, while the S&P BSE Sensex also declined 2.4% at 47,660.55.

India on Monday reported its tenth record daily increase in COVID-19 cases in eleven days, with the capital city of New Delhi — currently under a weekend curfew — reporting a shortage in critical-care beds.

The state of Maharashtra, home to financial hub Mumbai, has already imposed stringent curbs, effective April 15.

State owned banks led the declines among sectors as it dropped over 5% at open, on track for its third straight session of losses.

Private banks fell over 4%, with lending heavyweights HDFC Bank and ICICI Bank leading the losses on the benchmark index. Metal stocks lost 3.3%.

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