Indian stocks close lower as banks slide

Credit: REUTERS/FRANCIS MASCARENHAS

Indian shares gave up early gains to close a tick lower on Thursday, weighed by a sharp drop in banking stocks as investors sifted through a slew of corporate earnings ahead of festive season.

BENGALURU, Oct 24 (Reuters) - Indian shares gave up early gains to close a tick lower on Thursday, weighed by a sharp drop in banking stocks as investors sifted through a slew of corporate earnings ahead of festive season.

The broader NSE index .NSEI ended 0.19% lower at 11,582.60, while the benchmark BSE .BSESN closed down 0.1% at 39,020.33.

Bank stocks were hammered the most, with the Nifty PSU Bank index .NIFTYPSU, which tracks the country's state-owned lenders, tumbling as much as 5.85%. Shares of Indian Bank INBA.NS shed over 13%, while State Bank of India SBI.NS slipped 4.7%.

Telecom tower infrastructures provider Bharti Infratel Ltd BHRI.NS slid over 8% and was the top percentage loser on the NSE index.

Shares of Maruti Suzuki India Ltd MRTI.NS closed down 0.66% after the maker of the iconic Maruti 800 posted a slide in quarterly profit.

Infosys Ltd INFY.NS closed down 2.34% after the software exporter said the U.S. Securities and Exchange Commission and the Securities and Exchange Board of India have started a probe into the whistleblower complaints from earlier this week.

Shares of Reliance Industries Ltd RELI.NS and Eicher Motors Ltd EICH.NS were among the few gainers on the NSE index, closing up 3.16% and 2.49%, respectively.

(Reporting by Chandini Monnappa in Bengaluru; Editing by Arun Koyyur)

((Chandini.M@thomsonreuters.com; 910867497919;))

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