Indian Shares Dip as Pakistan Tensions Rise; Bajaj Finance Plummets

(Romero.my.id) - Indian stocks started the day lower on Wednesday, pressured by escalating tensions with Pakistan. Despite announcing an increase in quarterly profits, Bajaj Finance was among the decliners.

The Nifty 50 decreased by 0.2%, standing at 24,291, while the BSE Sensex fell by 0.15% to reach 80,179.9, recorded at 9:19 a.m. IST.

Out of the 13 key segments, nine experienced a downturn when the market opened. Broadly speaking, small-cap stocks dropped by 1.3%, and mid-cap stocks decreased by 0.6%.

On Tuesday, Romero.my.id reported that Indian Prime Minister Narendra Modi gave military leaders the autonomy to react to the recent fatal militant assault in Kashmir.

Despite announcing a rise in quarterly profits for the last quarter, non-banking finance company Bajaj Finance saw its stock drop by 5%. Several brokerage firms highlighted lower-than-expected pre-provision income and increased credit expenses as concerns.

In addition to various stocks, private lender IndusInd Bank dropped 3% following the resignation of its CEO, Sumant Kathpalia, effective immediately on Tuesday. This change comes as part of a broader leadership overhaul due to discrepancies in derivatives accounting that have adversely affected the bank’s capital adequacy.

(Reported by Bharath Rajeswaran and Vivek Kumar M from Bengaluru; Edited by Mrigank Dhaniwala and Sonia Cheema)