May 4, 2012 / 8:24 AM / 6 years ago

MARKET EYE-Indian shares hit by Mauritius tax status review

* India's benchmark index falls 1.7 percent, while the
50-share index loses 1.8 percent after Junior Finance
Minister S.S. Palanimanickam says India is reviewing its tax
treaty with Mauritius. 	
* Bulk of India's foreign investors are believed to be based in
Mauritius.	
* ICICI bank and State Bank of India were the worst hit
amongst the blue-chip stocks, with the sector also hit after the
RBI's Basel III directives. 	
* Reliance Industries falls 1.8 percent, hit as well
by media reports that India's petroleum ministry has struck down
its plans to recover $1.2 billion in costs before the energy
major starts sharing profits with the government from its gas
field off the country's east coast.  	
	
 (manoj.dharra@thomsonreuters.com /
manoj.dharra.reuters.com@reuters.net)
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