INSUBCONTINENT EXCLUSIVE:
The Sensex and Nifty lost around 6% in three consecutive trading sessions
Stock markets moved
sharply lower on Friday, led by oil retailers a day after the government announced a cut in fuel prices
The Sensex closed 792 points lower at 34,376 while the NSE Nifty settled at 10,316, its lowest since April 4
At 2.7 per cent, the Nifty also registered its biggest percentage fall since November 11, 2016
Heavy selling in state-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum, which finished the day with losses
between 16 per cent and 25 per cent, weighed on the benchmark indices
Friday's session also coincided with release of the Reserve Bank of India's fourth bi-monthly policy statement, in which the central bank
kept the repo rate unchanged at 6.5 per cent
