Indian shares opened deep in the red on Monday as investors fretted over sustained rise in coronavirus cases in the country and strict lockdowns imposed in many states.
The benchmark S&P BSE Sensex fell 360 points, or 0.7 percent, to 48,421 in early trade, while the broader NSE Nifty index was down 92 points, or 0.6 percent, at 14,538.
Reliance Industries fell 1.7 percent despite reporting sharply higher profit in Q4FY21.
Amara Raja Batteries lost about 4 percent. The company said it has received closure orders from the Andhra Pradesh Pollution Control Board for its plants situated at Karakambadi, Tirupati and Nunegundlapalli in Chittoor district of Andhra Pradesh.
SpiceJet dropped 2 percent. The airline has deferred up to 50 percent of the April salary of its employees, citing the second wave of COVID-19 pandemic as a reason.
SBI gave up nearly 2 percent after slashing interest rates on home loans.
Yes Bank tumbled 4 percent on reports it is exploring a potential bid for the Indian retail assets of Citibank.
Hero MotoCorp edged up slightly. The two-wheeler manufacturer has reported a 35 percent fall in April sales due to the temporary closure of plant operations and the retail outlets across the country amid the second wave of the COVID-19 pandemic.
Maruti Suzuki climbed 1.6 percent despite reporting a decline in passenger vehicle sales in April. Shares of Tata Motors were down about 1 percent.
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