Indian shares drop as Bajaj Auto's festive sales warning adds to gloom
Corrects paragraph 3 to say Bajaj expects festive season sales growth of 3%-5%, not 1%-2%; and industry expects at least 8% growth, not 5%-6%
Oct 17 (Reuters) -Indian shares dropped on Thursday as motorcycle makerBajaj Auto's warning of weak festival season sales rippled through the industry, adding to the pressure of high stock valuations and the exodus of foreign funds.
The Nifty 50 index .NSEI dropped 0.3% at 24,903.6 points as of 9:35 a.m. IST, while the S&P BSE Sensex .BSESN edged down 0.2% to 81,379.
Bajaj Auto BAJA.NS slumped 8%, set for its worst day since March 2020, after it said it expects festive season sales growth of just 3% to 5%, well below expectation of at least 8%.
That forecast dragged auto stocks .NIFTYAUTO down by 2.7% and added to the disappointing start to the earnings season, which has triggered concerns about stock valuations with the markets hitting record highs as recently as late September.
Added to that, foreign investors have diverted their funds to China, leading to domestic outflows of $8.1 billion so far in October, the highest since March 2020. They were net sellers for the thirteenth straight session on Wednesday.
Reports from marquee companies, including Infosys INFY.NS, Axis Bank AXBK.NS and Nestle India NEST.NS, later in the day will be in focus.
Meanwhile, Hyundai Motor India's HYUN.NS record $3.3 billion initial public offering was subscribed 42% on its second day of bidding. The share sale closes later in the day.
Reporting by Hritam Mukherjee in Bengaluru; Editing by Rashmi Aich and Savio D'Souza
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