Indian shares fall, oil stocks top drag

By Reuters / May 24, 2018 / in.investing.com / Article Link

* NSE index closes 1 pct lower, BSE index down 0.9 pct

* Vedanta drops to lowest close since June 30, 2017

* HPCL falls nearly 8 pct, ONGC drops 5.3 pct

May 23 (Reuters) - Indian shares fell on Wednesday, dragged by energy stocks such as Hindustan Petroleum Corp Ltd HPCL.NS and Oil and Natural Gas Corp Ltd (ONGC) ONGC.NS on rising concern that the government may ask state-owned oil firms to share the burden of higher petrol and diesel prices.

The broader NSE index .NSEI closed 1.01 percent lower at 10,430.35, while the benchmark BSE index .BSESN fell 0.88 percent to 34,344.91. Both the indexes fell over 1 percent in the last hour of trading.

Hindustan Petroleum declined nearly 8 percent, while ONGC dropped 5.3 percent.

Vedanta Ltd VDAN.NS fell 6.4 percent to its lowest close since June 30, 2017, after an Indian court halted the proposed expansion of Vedanta Resources Plc's VED.L copper smelter in the southern state of Tamil Nadu (NS:TNNP). On Tuesday, 11 people were killed when police fired on protesters seeking closure of the plant on environmental grounds. the mid-day report, click

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