Indian shares decrease as Reliance drags energy stocks lower; Paytm down

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Indian shares decrease as Reliance drags energy stocks lower; Paytm down

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Reuters

BENGALURU– Indian shares slipped on Monday as market heavyweight Reliance Industries led energy stocks lower and the return of COVID-19 constraints in Europe weighed on financier belief.

The blue-chip NSE Nifty 50 index dropped 0.61%to 17,65620, while the benchmark S&P BSE Sensex fell 0.65%to 59,25074 by 0357 GMT.

Shares of Mukesh Ambani-led Reliance Industries fell 3.71?ter the oil giant stated recently it had actually chosen with Saudi Aramco to reassess a proposed $15 billion stake sale in its oil-to-chemicals equip to Saudi Aramco.

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The Nifty Energy Index fell 1. 75%, led by losses in Reliance. Other laggards on the sub-index were state-run Oil and Natural Gas Corp, down 2.85%, and Tata Power Company, down 2.07 %.

Oil futures skidded about 1%, sending out Brent crude and U.S. crude to seven-week lows in the middle of oversupply issues.

Shares of Paytm fell about 3%in their 2nd day of trading. On Thursday, the digital payments start-up made one of the worst significant stock exchange debuts in India, as its shares fell more than 27?ter the nation’s largest-ever IPO.

Asian stocks opened lower as financiers assessed oil rates, COVID-19 limitations in Europe and talk of accelerated tapering from the U.S. Federal Reserve.

( Reporting by Vishwadha Chander in Bengaluru; Editing by Subhranshu Sahu)

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