July 29, 2019 / 10:22 AM / 4 months ago

Indian shares end lower dragged by auto stocks

BENGALURU, July 29 (Reuters) - Indian shares ended lower on Monday, led by losses among auto stocks, as investor caution in the wake of weak earnings continued.

The broader NSE index closed down 0.84% at 11,189.20, while the benchmark BSE index ended 0.52% lower at 37,686.37.

The Nifty Auto index closed 3.6% lower after a disappointing earnings season from its heavyweights and a government proposal to lower taxes on electric vehicles, which threatened the traditional sector.

Tata Motors ended 6.5% down after the company’s losses nearly doubled, while Maruti Suzuki India Ltd, which reported better-than-expected first-quarter profit on controlled costs still ended 4.2% lower

Indiabulls Housing Finance led the losers among NSE stocks, closing down 10.5%, after a lawmaker alleged the company embezzled money to the tune of 1 trillion rupees ($14.53 billion).

Among gainers, ICICI Bank ended 3.3% in the black, after the lender reported lower first-quarter provisions for bad loans, which boosted its profit. ($1 = 68.8330 Indian rupees) (Reporting by Derek Francis in Bengaluru; editing by Uttaresh.V)

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