October 24, 2019 / 10:54 AM / 2 months ago

Indian stocks close lower as banks slide

BENGALURU, Oct 24 (Reuters) - Indian shares gave up early gains to close a tick lower on Thursday, weighed by a sharp drop in banking stocks as investors sifted through a slew of corporate earnings ahead of festive season.

The broader NSE index ended 0.19% lower at 11,582.60, while the benchmark BSE closed down 0.1% at 39,020.33.

Bank stocks were hammered the most, with the Nifty PSU Bank index, which tracks the country’s state-owned lenders, tumbling as much as 5.85%. Shares of Indian Bank shed over 13%, while State Bank of India slipped 4.7%.

Telecom tower infrastructures provider Bharti Infratel Ltd slid over 8% and was the top percentage loser on the NSE index.

Shares of Maruti Suzuki India Ltd closed down 0.66% after the maker of the iconic Maruti 800 posted a slide in quarterly profit.

Infosys Ltd closed down 2.34% after the software exporter said the U.S. Securities and Exchange Commission and the Securities and Exchange Board of India have started a probe into the whistleblower complaints from earlier this week.

Shares of Reliance Industries Ltd and Eicher Motors Ltd were among the few gainers on the NSE index, closing up 3.16% and 2.49%, respectively.

Reporting by Chandini Monnappa in Bengaluru; Editing by Arun Koyyur

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