May 6, 2020 / 4:05 AM / a month ago

Indian shares slide as ITC, oil refiners fall; U.S.-China tensions back in focus

BENGALURU, May 6 (Reuters) - Indian shares were on course to fall for a third straight session on Wednesday, dragged down by losses in ITC and oil refining stocks and as U.S.-China tensions were back in focus in broader Asian markets.

The NSE Nifty 50 index fell 0.63% to 9,148.25 by 0400 GMT, while the S&P BSE Sensex was 0.68% lower at 31,248.64.

Shares in consumer goods conglomerate ITC and lender Axis Bank Ltd fell 6% and 3.8%, respectively, as the Economic Times reported that India’s government was planning to sell its stakes in the two companies.

India late on Tuesday increased its taxes and duties on petrol and diesel, a move expected to raise costs for oil refining companies. Bharat Petroleum Corp Ltd fell 8.3%. ($1 = 75.7050 Indian rupees) (Reporting by Sachin Ravikumar; Editing by Anil D’Silva)

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