BENGALURU (Reuters) – Indian shares plunged lower on Tuesday, slowed by banking stocks after the Reserve Bank of India (RBI) said domestic lenders could see bad loans double, while investors were waiting for sales inflation data to be paid later in the day.
The NSE Nifty 50 blue index fell 0.2% to 14,462 and the BSE Sensex S&P benchmark fell 0.17% to 49,184.21 by 0346 GMT.
The total non-performing assets of Indian banks could rise from 7.5% in September 2020 to 14.8% under extreme pressure conditions, a report from the Financial Stability and Development Council said on Monday.
The Nifty bank index was down 0.74%, while the public sector bank index fell 0.94%.
Shares of Gail (India) Ltd rose 4.4% after the company said it would consider a proposal to buy back shares.
Reporting by Nallur Sethuraman in Bengaluru; Edited by Subhranshu Sahu