The benchmark Indian equity indices, the BSE Sensex and the NSE Nifty 50, dropped sharply on Monday, as losses in HDFC twins and Reliance Industries weighed on investor sentiment.
The Sensex fell by 413 points or 1.08% to end the day at 37,922.39, while the Nifty 50 dropped by 117 points or 0.64% to settle at 18,273.
The top laggard on the Sensex was Reliance Industries which fell by 4.53% to Rs 2,106.50, followed by HDFC Bank which declined by 3.34% to Rs 1,735.45. HDFC also dropped by 3.39% to Rs 1,638.15.
Meanwhile, the banking sub-index of the NSE, the Nifty Bank, plunged by 3.50% or 879 points to 24,273.20. Among the banking stocks, HDFC Bank, Axis Bank, ICICI Bank, and State Bank of India (SBI) were the biggest laggards, shedding 4.02%, 3.96%, 3.29%, and 2.90%, respectively.