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Indian shares extend loss to 5 pct as budget disappoints

Mon Jul 6, 2009 3:13am EDT

Stocks

   

MUMBAI, July 6 (Reuters) - Indian shares extended losses to 5 percent on Monday afternoon as the budget failed to live up to expectations and on concerns over a higher fiscal deficit in the current fiscal year, traders said.

ICICI Bank (ICBK.BO) and Reliance Industries (RELI.BO) led the index losers. ICICI Bank was down 9.4 percent at 682 rupees, while Reliance was down 3.6 percent at 1,955 rupees.

For rolling highlights of the budget speech, click on [ID:nDEL539437].

At 12.41 p.m. (0712 GMT), the 30-share BSE Index .BSESN was down 5.01 percent at 14,165.17 points with all components losing.

The 50-share NSE Index was down 5.1 percent at 4,197.80 points.

(Reporting by Janaki Krishnan; Editing by Prem Udayabhanu)



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