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New Delhi: Indian shares fell 1.5 per cent on Thursday to its lowest close in more than a week as losses in foreign markets and record high oil prices heightened concerns about inflation.
But Bharti Airtel, the country's top mobile operator, recouped 1.5 per cent after it had fallen 8.7 per cent in two days but worries remained about how it would fund a possible takeover of South Africa's MTN.
Banks, engineering and software services companies fell as investors took cues from overseas markets that dropped on inflation concerns.
"Almost all the big companies have reported results barring 3-4 and when there is no local trigger, we are tracking foreign markets," said Prakash Rajdev, chief dealer at Khandwala Securities.
The 30-share BSE index dropped for a fourth day, closing down 1.49 per cent, or 258.66 points, at 17,080.65, with 22 components falling. It was the lowest close since April 28.
The market had risen about 19 per cent from its 2008 low in mid-March before it started to digest the gains this week. It has fallen three per cent in four sessions and is down nearly 16 per cent in 2008.
In the broader market, 1,592 losers outpaced 1,100 gainers on volume of 364.4 million shares.
Leading tobacco maker ITC fell 5.2 per cent to Rs215.05 and Larsen & Toubro lost 3.4 per cent to Rs2,886.20.
Tech bellwether Infosys Technologies shed 3.4 per cent to Rs1,779.80 as concerns of shrinking spending in the US, its biggest market, outweighed benefits from the fall in the rupee to more than a year low against the dollar.
The NSE index slipped 1.05 per cent to 5,081.70
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