MW: Indian stocks drop on rising oil, coalition crisis
By Nick Godt
MUMBAI (MarketWatch) -- Indian stocks fell on Monday, as rising crude-oil prices fueled inflation concerns and pressured interest-rate-sensitive sectors. Adding to investors' concerns, India's coalition government, already weakened amid allegations of corruption in the selling of telecom licenses, came under further pressure as one of its key parties withdrew from the coalition. The Sensex (XX:SENSEX 18,223, -263.78, -1.43%) fell 263.78 points, or 1.4%, to 18,222.67. Rate-sensitive stocks in the financial and auto sectors led the way lower. On the Sensex, Maruti Suzuki India Ltd. (IN:532500 1,265, -49.05, -3.73%) and Tata Motors Corp. (TTM 25.83, -0.29, -1.11%) were the worst performers, falling 3.7% and 3.6% respectively. The S&P/CNX Nifty (XX:NIFTY 5,463, -75.60, -1.37%) dropped 1.4% to 5,463.15.
