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The NSE Nifty 50 index was down 0.8 per cent at 17,617, as of 10:02 am IST while the S&P BSE Sensex dropped 0/85 per cent at 59,033
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Indian shares fell over 1 per cent 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 0.8 per cent at 17,617, as of 10:02 am IST while the S&P BSE Sensex dropped 0/85 per cent at 59,033.
The Nifty IT index dropped 1.7 per cent. Additionally, the bank index fell 0.9 per cent.
Indian government late Wednesday raised taxes on aviation, diesel fuel exports, domestic crude oil, dragging the energy index down 1 per cent.
Shares of SpiceJet slumped as much as 14.7 per cent after its chief financial officer resigned, with the low-cost carrier posting a wider quarterly loss and facing increased scrutiny over mid-air incidents. read more
Meanwhile, India's economy grew at its fastest pace of 13.5 per cent year-on-year in the April-June quarter, though economists flagged that growth could lose momentum in coming quarters as higher interest rates cool economic activity.
(Reuters)