Sensex, Nifty fall; slides in TCS, ONGC weigh

Sensex, Nifty fall; slides in TCS, ONGC weigh

FILE PHOTO: People walk past the Bombay Stock Exchange (BSE) building in Mumbai, India, February 28, 2020. REUTERS/Hemanshi Kamani/File photo

Asian Markets

Reuters Staff

BENGALURU (Reuters) – Indian shares fell for a sixth straight session on Thursday, dragged by sharp declines at Tata Consultancy Services following a shareholder spat at its parent group and Oil and Natural Gas Corp after a fire broke out at its unit.

The broader NSE Nifty 50 index fell 1.3% to 10,993 and the S&P BSE Sensex slid 1.2% to 37,282.18 by 0345 GMT. Both the indexes have lost more than 4% so far this week.

Tata Consultancy Services fell 2.4%, down for a second day, after Shapoorji Pallonji group, the largest minority shareholder in Tata Group, said on Tuesday it wanted to separate interests from the autos-to-steel conglomerate.

Shares of India’s Oil and Natural Gas Corp fell 2.3% after a fire broke out at its Hazira gas processing plant in Gujarat on Thursday morning, which was later brought under control.

Meanwhile, India’s finance ministry is reassessing its earlier optimism about a V-shaped economic recovery, an official told the Business Standard newspaper.

Asian shares fell after a slump on Wall Street overnight after global economic recovery hopes lost steam.

Read More: Sensex, Nifty fall; slides in TCS, ONGC weigh

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