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Sensex, Nifty End Deep In Red As Tata Motors Posts Record Loss

Indian shares fell sharply on Friday, with Tata Motors' dismal performance in the third quarter of the current fiscal and weak global cues weighing on markets, heading into the weekend.

The benchmark 30-share BSE Sensex tumbled 424.61 points or 1.15 percent to 36,546.48 while the broader Nifty index dropped 125.80 points or 1.14 percent to 10,943.60.

Tata Motors plunged almost 18 percent after it logged the biggest quarterly loss among Indian corporates, hit by asset impairment in its U.K. subsidiary JLR.

Eicher Motor, Grasim Industries, Vedanta and Indiabulls Housing Finance lost 5-7 percent.

On the positive side, Infratel soared as much as 7.6 percent on reports that private equity firm KKR-led consortium is in talks to buy Indus Towers.

Global cues were weak after the European Commission sharply cut its forecasts for euro zone economic growth and U.S. President Donald Trump said he did not plan to meet with Chinese President Xi Jinping before the March 1 deadline for reaching a trade deal.

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