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India shares fall to three-week low after Modi's BJP suffers debacle in Karnataka

Party's failure to form state government adds to investor concerns

MUMBAI (NewsRise) -- Indian shares fell to more-than-three-week lows on Monday after Prime Minister Narendra Modi's Bharatiya Janata Party failed to form a government in southern Karnataka state.

The BSE Sensex dropped 0.7% to 34,616.13, the lowest since April 25, and the Nifty 50 Index fell 0.8% to 10,516.70, adding to their about 2% losses in the previous week. Dr. Reddy's Laboratories slipped 4.2% and Cipla shed 2.7%, while State Bank of India advanced 2.5% before they report earnings on Tuesday. Bajaj Finance declined 1.8% following a 15% earnings-related rally last week. Among heavyweights, Housing Development Finance Corp. dropped 2% and its banking unit HDFC Bank slipped 1%.

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