Indian shares fall as banks, financials drag

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BENGALURU — Indian shares opened lower on Friday, dragged by banks and financials and mirroring their Asian peers, as global risk sentiment remained subdued amid renewed worries over economic growth.

The NSE Nifty 50 index fell 0.4% at 17,554.20 at 0352 GMT, while the S&P BSE Sensex dropped 0.4% to 58,868.69.

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The U.S. Federal Reserve’s members’ projections for aggressive hikes and persistently high rates over the next year or so has unleashed another round of dollar buying that put other assets on the run.

The Nifty bank index was down 0.8%, while the finance index dropped 0.9%.

Shares of Mahindra and Mahindra Financial Services fell more than 8% after the Reserve Bank of India directed the company to stop using third-party services for loan recovery until further orders. (Reporting by Nallur Sethuraman in Bengaluru; Editing by Savio D’Souza)

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