Indian stocks fell for a second day before the UK votes on whether to leave or remain in the European Union.
Tata Motors Ltd, owner of Jaguar Land Rover that gets about 25 per cent of its revenue from Europe, tumbled for the first time in seven days. ITC Ltd, India's biggest cigarette company, slid for a second day this week after its chief said he will step down next year. GAIL India Ltd retreated for a third day, while Reliance Industries Ltd, owner of the world's largest refining complex, decreased the most in a week.
The S&P BSE Sensex lost 0.2 per cent at the close in Mumbai, after changing direction more than 15 times. There has only been only day the gauge has fluctuated more than one per cent this month. Different polls putting either side ahead before Thursday's Brexit vote are keeping investors on edge amid warnings from central bankers and governments that a victory for the "leave" camp would destabilise financial markets around the world.
"It's difficult to pre-empt anything," Vaibhav Sanghavi, managing director at Mumbai-based Ambit Investment Advisors Pvt, said in an interview. "We will evaluate where to invest depending on valuations once Brexit is out of the way."
Bloomberg
