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Indian shares end sharply lower as the auto sector takes beating

File photo. Photograph:( Reuters )

Reuters Bengaluru, Karnataka, India Aug 13, 2019, 04.52 PM (IST)

Indian shares ended sharply lower on Tuesday, led by a drop in automotive stocks after data showed monthly passenger vehicle sales fell at their worst pace in nearly two decades as the industry goes through a prolonged slowdown.

The broader NSE Nifty ended 1.65 per cent lower at 10,925.85, while the benchmark BSE Sensex closed down 1.66 per cent at 36,958.16.

The Nifty autos index slid about 4 per cent, its worst decline since 2016, as sales of passenger vehicles to car dealers plunged 30.9 per cent in July.

Shares of top Indian automaker Maruti Suzuki Ltd fell 5 per cent.

Shares of oil-to-telecoms conglomerate Reliance Industries Ltd climbed 9.7 per cent after it unveiled the sale of a portion of its oil to chemicals business to Saudi Aramco.

The Nifty energy index was the only sector to end higher out of 14 sub-indexes, powered largely by Reliance.

Private-sector lender Yes Bank Ltd fell 10.9 per cent.

The company named a new chief financial officer on Tuesday.

Story highlights

The Nifty autos index slid about 4 per cent, its worst decline since 2016, as sales of passenger vehicles to car dealers plunged 30.9 per cent in July.