Indian stocks drop over 1%, led by HDFC Bank, Reliance

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Sept 20 - Indian shares fell 1% on Wednesday in their worst day in two months, led by Reliance Industries and HDFC Bank, whose warning about its asset quality ratios also weighed on other financials.

HDFC Bank , the heaviest weighted stock on the Nifty, slid 4% in its worst day since early May after it said its completed merger with HDFC Ltd would hit key financial metrics, including its margins and bad loan ratios. Textile-to-oil conglomerate Reliance , the second-most heavily weighted stock on the Nifty, dropped 2.2% amid multiple block deals, according to LSEG data.

 

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