India's benchmark stock index had its biggest decline in almost five months as global equities dropped and investors awaited today's interest-rate decision by the nation's central bank. Tata Motors Ltd , the nation's top automaker by revenue, plunged the most in a year after managing director Karl Slym died in Bangkok . ICICI Bank Ltd fell the most in four months. Ranbaxy Laboratories Ltd slumped to its lowest level since August. The rupee weakened to a two-month low. The S&P BSE Sensex lost 2 per cent, the most since September 3 , to 20,707.45 at the close. Emerging-market stocks fell to the lowest level in more than four months and currencies weakened on concern that slower Chinese growth and reduced US Federal Reserve stimulus will spark more capital outflows. The MSCI Asia Pacific Index headed for the lowest close since September 3 , while the Stoxx Europe 600 Index slid 0.7 per cent. "The market reacted to the global selloff," Gaurang Shah , assistant vice president at Geojit BNP Paribas Financial Services Ltd , said on Bloomberg TV India on Monday. "We expect a status quo from the RBI tomorrow." Forty two of the 45 economists polled by Bloomberg News predict Reserve Bank of India Raghuram Rajan will hold interest rates. Rupee hits two-month low The rupee dropped to the lowest level in more than two months on concern a sell-off in emerging-market assets will deepen as the Federal Reserve reviews its stimulus this week. The rupee fell 0.7 per cent to 63.1025 per dollar in Mumbai , according to data compiled by Bloomberg . It touched 63.3050 earlier, the weakest since November. 14. The currency dropped 1.8 per cent last week, the most since the five days ended August 30 when it plunged to a record 68.
Most Popular Stories
- Dmytro Firtash, Ukrainian Billionaire, Arrested in Vienna
- Obama, Ukraine Discuss Russian Incursion in Crimea
- Federal Gov't Deficit Continues to Decline
- Venezuela Death Toll Reaches 28
- Russia Holds Large Military Drills in South
- Calumet Photo Files for Bankruptcy
- Navarro Celebrates 2 Years of Vida Mia
- Ukraine Moves Closer to Joining E.U.
- Herbalife Puts Off Meeting for Icahn Talks
- Ukraine Loan Delayed While Congress Goes on Vacation