Indian shares fall due to UPL scandal
- 10 Dec 2020
Gulf Today Report
Indian shares slumped on Thursday as UPL, agrochemical firm slid by 15% and Nifty recorded seven sessions of gains.
The NSE Nifty 50 index fell 0.91% to 13,405.65 by 0439 GMT, while the benchmark S&P BSE Sensex was down 0.81% at 45,729.27. The indexes had hit record highs in 14 of the previous 21 sessions, driven mainly by news of progress in coronavirus vaccines.
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India is working on approving vaccine but the authorities said it will need more data before deciding on AstraZeneca and Bharat Biotech vaccines.
UPL had the highest lost due to a whistleblowing report.
"Markets will digest all negative news now, the second half of December could be more tricky than most people thought. I would be very circumspect about markets going up from here,” said Securities Director Sanjiv Bhasin.