October 22, 2019 / 10:34 AM / 23 days ago

Indian shares end lower as Infosys crashes

BENGALURU, Oct 22 (Reuters) - Indian shares closed down on Tuesday, dragged by a sharp fall in Infosys stock, while weak earnings from a raft of companies further dented investor sentiment.

Infosys dived nearly 17% and was the biggest drag on the NSE index, as the country’s No. 2 software services firm said it was investigating whistleblower claims accusing its top two executives of “unethical practices” to boost short-term profit.

The broader NSE index ended 0.63% lower at 11,588.35, while the benchmark BSE index closed down 0.85% at 38,963.84.

Only 2 out of 10 stocks on the Nifty IT index ended higher. The index closed 4.68% lower.

Shares of air conditioning parts manufacturer, Subros Ltd , slid as much as 7% to its lowest in nearly five weeks after the company posted a drop in quarterly net profit.

Shares of ICICI Bank Ltd and Dr. Reddy’s Laboratories Ltd were among the top gainers on the NSE index, closing up 3.05% and 3.15%, respectively. (Reporting by Chandini Monnappa in Bengaluru; editing by Uttaresh.V)

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