India’s Sensex Retreats From One-Year High on Earnings Concern
- Dr. Reddy’s slides as 1Q net slumps; Maruti declines on sales
- Foreigners buy $1.2b of shares in July, surpass June’s $771m
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Indian stocks dropped as concern mounted that the rally that pushed up the benchmark index to near a one-year high on Monday isn’t supported by corporate earnings.
Dr. Reddy’s Laboratories Ltd. tumbled the most in eight months after the drugmaker’s first-quarter group net income slumped 76 percent. Maruti Suzuki India Ltd. slid the most in a month after its June-quarter results showed operating margin narrowed. Motorcycle maker Hero MotoCorp Ltd. retreated the most in six weeks. State Bank of India and ICICI Bank Ltd. were among the worst performers on the S&P BSE Sensex.