Forty-five of the Nifty 50 constituents logged losses. All the Adani group stocks fell on a report that the group suspended work on $4.2 billion petrochemical project at Mundra in Gujarat. The Nifty 50 fell nearly 2% last week, its biggest drop in nearly a month.
Over the weekend, UBS said it will buy Credit Suisse for 3 billion francs ($3.2 billion), and assume up to $5.4 billion in losses, in a deal engineered by Swiss authorities.
Soon after the announcement, global central banks came out with statements to reassure markets. But investor sentiment remained fragile.
At least two major banks in Europe are examining scenarios
of contagion, two senior executives close to the discussion told
Reuters.
Among individual stocks, Tata Consumer Products fell over 2% after the company dropped acquisition talks with
Bisleri.
Cochin Shipyard jumped over 6% after winning 5.50
billion Rupees order for zero emission feeder container vessels
from Samskip Group.
($1 = 82.5200 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; editing by
Eileen Soreng, Nivedita Bhattacharjee)
