Indian stock markets fell sharply today, dragged down by financial stocks after after a prominent fund house said it would wind up some funds.
The Sensex closed down over 500 points at 31,327, closing the week about 1% lower while Nifty ended 1.71% lower at 9,154. Global markets were also mostly lower today as investors also worried over reports that an experimental drug to treat COVID 19 showed inconclusive results.
Financials were among the worst hit today in Indian markets, with Axis Bank Ltd, ICICI Bank Ltd and IndusInd Bank Ltd sliding 4.5%-5.6%.
Shares in HDFC Asset Management Co slid over 6%. Bajaj Finance slumped over 9%. Franklin Templeton Mutual Fund, one of India's most prominent mutual fund houses within the fixed income space,