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India Stock Index Drops, Led by Indian Oil, Hindustan Petroleum
May 21st, 2008 · No Comments
In its article the bloomberg writes “India’s stock index fell, snapping a three-day advance on concern record oil prices and higher inflation will slow economic growth, crimping company earnings.
Indian Oil Corp., the nation’s largest refiner, dropped the most in a week and Hindustan Petroleum Corp., the second-biggest, slid to its lowest in two weeks. State Bank of India fell after a report it halted loans for farm equipment to stem bad debts.
“Oil prices rising and inflation remaining high doesn’t make the macro environment look positive,” said Mahesh Patil, who helps manage $8.8 billion at Birla Sun Life Asset Management in Mumbai.”
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