Indian shares subdued as Adani firms fall on implications of US indictments
Updates for market open
By Bharath Rajeswaran
Nov 26 (Reuters) -Indian shares fell on Tuesday, pressured by AdaniGroup stocks' decline onworries about the implicationsof the alleged bribery charges against their keyexecutives in the U.S.
The NSE Nifty 50 .NSEI was down0.1%to 24,199 points, as of 10:50 a.m. IST, while the BSE Sensex .BSESN shed 0.15% to 79,995.
The benchmark indexes had gained about 4% each over the last two sessions, after falling about 10% from record highs. The ruling alliance's election win in the state of Maharashtra, home to India's financial capital Mumbai, boosted sentiment yesterday, analysts had said.
Adani Group stocks eased on the dayas French oil major TotalEnergies TTEF.PA halted its investments into the groupon Monday andratings agency Fitch put some of the conglomerate's bonds on watch for a possible downgrade.
"Whenever the Adani Group stocks are beaten down, the markets are seeing weakness," said Avinash Gorakshakar, head of research at Profitmart Securities.
"Investors are likely to remain little cautious on the group now as the updates keep coming in."
Adani Group's 10 listed companies have so far lostabout $33 billion in market value since the U.S. indictment last week. Adani Green ADNA.NS took the hardest hit, losing almost$9.7 billion in market value. The stock was last downabout 7%.
Nifty 50 constituents Adani Enterprises ADEL.NS and Adani Ports APSE.NS fell 3% and 2.5%, respectively. The conglomerate's other stocks slippedbetween 1.5% and 4%.
Six of the 13 sectors logged gains. IT stocks .NIFTYIT climbed 1% and was the top sectoral gainer.
Among individual stocks, newly-listed online food delivery platform Swiggy SWIG.NS gained 4.5% after UBS initiated coverage with a "buy" rating.
Other Asian markets were lower after U.S. President-elect Donald Trump pledged a 25% tariff on all imports from Canada and Mexico and an additional 10% tariff on China. MKTS/GLOB
Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sumana Nandy
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