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Sensex, Nifty Snap Three-day Winning Streak

Indian shares fell notably on Thursday to snap a three-day winning streak after the release of disappointing earnings from the likes of Yes Bank and MindTree.

Global cues were tepid and Asian Development Bank (ADB) lowered India's GDP growth forecast, further weighing on markets.

The benchmark S&P BSE Sensex fell 318.18 points or 0.81 percent to 38,897.46 while the broader NSE Nifty index dropped 90.60 points or 0.78 percent to 11,596.90.

Yes Bank shares plunged 12.7 percent after the private sector lender reported a 91 percent drop in fiscal-first quarter profit on account of higher provisioning and lower other income.

Maruti Suzuki, Tata Motors, Coal India and ONGC lost 3-4 percent while Zee Entertainment Enterprises, HDFC and Wipro rose 2-3 percent.

MindTree slumped 8 percent after its profit for the June quarter halved and its margin narrowed owing to increased employee costs.

ADB today lowered India's GDP forecast to 7 percent for the current year, citing concerns over fiscal shortfall.

Globally, stocks fell across Asia and Europe as investors fretted about the outlook for corporate earnings in a slowing growth environment.

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