Sensex tanks over 500 pts, Nifty above 17,500; IT stocks drag

Indian shares fell over 1% early Thursday, pulled down by losses in information technology and banks, while a government move to raise taxes on fuel exports and domestic crude hammered energy stocks. The NSE Nifty 50 index was down 1.2% at 17,552 while the S&P BSE Sensex dropped 1.23% at 58,806.99. The Nifty IT index dropped 1.7%. Additionally, the bank index fell 0.9%.