Indian shares fall; GDP dashes rate cut hopes

Published Aug 31, 2012 10:15am

An Indian man watches a screen on the facade of the Bombay Stock Exchange. — AP Photo
An Indian man watches a screen on the facade of the Bombay Stock Exchange. — AP Photo

MUMBAI: Indian shares fell on Friday as lenders such as lenders such as ICICI Bank were hit after stronger-than-expected GDP data for April-June dashed hopes for rate cuts next month, while Reliance Industries fell after Citigroup downgraded the stock.

ICICI Bank retreated 1.8 per cent, while Axis Bank lost 2.3 per cent.

India's benchmark BSE index provisionally fell 0.92 per cent, while the 50-share NSE index fell a provisional 1.1 per cent.

Reliance Industries fell 2.3 per cent.

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