Indian shares fell on Monday on lingering worries of contagion risks in the global banking system despite a historic Swiss-backed acquisition of troubled Credit Suisse by UBS Group offering some relief.
fell nearly 2% last week, its biggest drop in nearly a month.it will buy Credit Suisse for 3 billion francs , and assume up to $5.4 billion in losses, in a deal engineered by Swiss authorities.to reassure markets. But investor sentiment remained fragile.
At least two major banks in Europe are examining scenarios of contagion, two senior executives close to the discussion"Investor sentiment has been hurt by worries over the global banking system," Anita Gandhi, director at Arihant Capital Markets said, adding that the only silver lining is that Indian lenders are in good health.
"While the UBS takeover of Credit Suisse offers temporary relief, the real variable is the Fed's handling of the concerns in the financial sector."that the group suspended work on a $4.2 billion petrochemical project at Mundra in Gujarat.
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