Sumary of Indian shares drop most in 7 months on fears over new virus variant:
- Article content BENGALURU — Indian shares sank nearly 3% on Friday as fears that a new, possibly vaccine-resistant coronavirus variant could wreak more economic damage prompted investors to dump equities globally.
- Article content Markets globally were lower after scientists said the new variant detected in South Africa has an unusual combination of mutations, may be able to evade immune responses and could be more transmissible.
- “Nervousness on the new variant and expectations of the U.S. increasing the pace of tapering have led to recent market weakness,” Amit Gupta, fund manager at PMS at ICICI Securities, said in a note.
- The travel and leisure index plunged by their most since 2020, with shares of InterGlobe Aviation Ltd, the operator of India’s biggest airline IndiGo, falling 8.86%.
- Hotel operators such as Indian Hotels Co and Lemon Tree were down 11.43% and 8.61%, respectively.