October 23, 2019 / 4:51 AM / 20 days ago

Indian shares rangebound; Yes Bank, Tata Motors drag

* NSE index down 0.03%, BSE index 0.05% higher

* Infosys down as much as 4.42%

* Tata Motors slips over Brexit delay

By Chandini Monnappa

Oct 23 (Reuters) - Indian shares wobbled in lacklustre trade on Wednesday, with Yes Bank and Tata Motors Ltd shares dragging the benchmark index lower, as investors scanned a string of disappointing corporate results.

The broader NSE index was down 0.03% at 11,584.85 by 0412 GMT, while the benchmark BSE index was stronger by 0.05% at 38,981.20.

Broader Asian shares inched lower as revenue warnings from Texas Instruments raised worries about the global tech sector and after Britain’s government halted the latest Brexit deal.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.5%.

In domestic markets, Tata Motors slipped nearly 3% and was among the top three percentage losers on the NSE index. The stock has been under pressure due to uncertainties around a Brexit deal, which has led to the automaker planning to suspend manufacturing at its UK luxury car unit, Jaguar Land Rover.

Shares of Yes Bank Ltd were down as much as 5.02% and were the top two losers on the benchmark index.

Seven of the 12 stocks on the Nifty bank index were in the red, and RBL Bank Ltd, which flagged a slide in quarterly profit on Tuesday, was the biggest decliner with a drop of nearly 20%.

Shares of the nation’s third-largest lender by market value, Kotak Mahindra Bank Ltd, slipped as much as 1.52% after it trimmed its full-year loan growth forecast on Tuesday.

Infosys Ltd’s shares recovered some of the sharp losses of the previous session but were on track for their fourth straight day of losses, slipping as much as 4.42%. The IT services major is investigating whistleblower claims accusing its top two executives of “unethical practices”.

The Nifty Media index fell as much as 2.07%, declining the most among the 14 sectoral indexes.

Pharmaceutical firm Biocon Ltd was down as much as 1.32% ahead of reporting quarterly results.

Among the gainers, Axis Bank Ltd’s shares inched up as much as 2.42% after the company on Tuesday said it would have recorded a 157% rise in quarterly profit excluding a one-off tax expense it flagged.

Asian Paint Ltd shares inched up over 1% after the company posted a jump in quarterly profit.

Reporting by Chandini Monnappa in Bengaluru; Editing by Rashmi Aich

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