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Indian shares end lower after Patel named RBI chief; banks fall
August 22, 2016 / 10:21 AM / a year ago

Indian shares end lower after Patel named RBI chief; banks fall

Aug 22 (Reuters) - Indian shares fell on Monday as state-owned lenders retreated after Urjit Patel was named as the next central bank governor, which was seen as reducing the prospect of rate cuts in the near term and as continuing a push to aggressively clean up bad debt.

The broader NSE index closed down 0.44 percent at 8,629.15, after falling 0.07 percent in the previous session.

The benchmark BSE index ended 0.33 percent lower at 27,985.54.

The Nifty Bank index lost 0.43 percent, with State Bank of India and Punjab National Bank falling 1.4 percent and 0.6 percent respectively.

For the midday report, click (Reporting by Aastha Agnihotri in Bengaluru; Editing by Sunil Nair)

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