Sensex ends lower after Urjit Patel named RBI chief; banks fall

Indian shares fell on Monday as state-owned lenders retreated after Urjit Patel was named as the next central bank governor, which was seen as reducing the prospect of rate cuts in the near term and as continuing a push to aggressively clean up bad debt.

The broader NSE index closed down 0.44% at 8,629.15, after falling 0.07% in the previous session.

The benchmark BSE index ended 0.33% lower at 27,985.54.

The Nifty Bank index lost 0.43%, with State Bank of India and Punjab National Bank falling 1.4% and 0.6% respectively.