Sensex, Nifty slide on global woes, muted earnings [Reuters]
Tata Motors Ltd Tata Motors Limited (TTM)
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Source: Reuters
Sensex, Nifty slide on global woes, muted earnings | Reuters 3 Min Read (Reuters) - The Sensex and Nifty followed their Asian peers lower, dragged by drugmakers, as muted domestic earnings and weak U.S. retail sales hurt risk appetite. Dr. Reddy’s Laboratories Ltd was the top loser on the NSE index, falling nearly 30 percent after research firm Jefferies said 11 FDA observations under Form 483 on a unit of the drug firm included four repeat observations. The generic drugmaker’s Hyderabad-based plant was marked by the U.S. Food And Drug Administration last week. The FDA Form 483 notifies a company’s management of objectionable conditions. That had a knock-on effect on other pharma stocks, with the Nifty Pharma index falling 3.9 percent. U.S. retail sales fell 1.2 percent in December, their biggest drop since September 2009, raising fresh doubts about the strength of the world’s largest economy. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.2 percent. Investors w
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