Indian shares slid on Monday as daily coronavirus infections surpassed 100,000 for the first time, and some states imposed fresh restrictions on outdoor movement, sparking concerns about the pace of the country’s economic recovery.
The NSE Nifty 50 index was down 0.66% at 14,770.40 by 0400 GMT, while the S&P BSE Sensex was 0.77% lower at 49,642.46.
India’s coronavirus caseload jumped by a record to surpass 12.5 million on Monday, while the death toll crossed 165,000. Maharashtra — home to India’s financial capital of Mumbai — imposed stringent curbs including a complete lockdown on weekends.
Private-sector lenders HDFC Bank, HDFC, and ICICI Bank were the biggest drags on the Nifty 50, falling between 1.3% and 2%.
Meanwhile, a media report said state-run lenders may have to bear a burden of up to 20 billion rupees ($273 million) due to a recent court ruling on the waiver of interest on all loan accounts which opted for a moratorium last year.