Indian stock market experienced a sharp drop on Monday. This shift mirrored the tendencies in other Asian markets following reports of the Biden administration's plans to increase tariffs on certain Chinese goods.
Adding to the gloomy outlook, the ongoing destruction in Gaza and a survey indicating a rise in U.S. short-term inflation expectations in May resulted in further dampening of investor sentiment.
Early trades saw the S&P BSE Sensex fall 712 points, or 1 percent, to 71,952. Meanwhile, the NSE Nifty index dropped 205 points, or 0.9 percent, standing at 21,850.
Despite a more than threefold increase in its Q4 net profit, Tata Motors shares fell by 8 percent. Union Bank of India shares went down by 7 percent, even after the bank reported a 19 percent increase in its quarterly profit.
Vedanta saw a decline of 2.5 percent in its shares as it increased its stake in Japanese display company, AvanStrate Inc, by 46.57 percent, costing them $78.3 million.
Shares of BPCL, Coal India, Hero MotoCorp, and ONGC also suffered losses ranging from 2 to 3 percent.
On the flip side, JK Cement's shares rose by 1.6 percent, following its Q4 net profit doubling on an annual basis. Further, BEML's value increased nearly 5 percent due to strong Q4 performance.