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Sensex Drops 306 Points; Nifty Ends At 11,337

Indian shares fell sharply on Monday to extend losses for a third straight session, as earnings woes coupled with concerns over foreign fund outflows following the announcement of a tax on the super-rich in the Union Budget continued to keep investors' risk appetite in check.

The benchmark S&P BSE Sensex dropped 305.88 points or 0.80 percent to 38,031.13 while the broader Nifty index ended down 82.10 points or 0.72 percent at 11,337.15.

HDFC Bank tumbled 3.1 percent. The private sector lender reported a rise in provisions to Rs 2,613.7 crore for the quarter under review from Rs 1,629.4 crore in the corresponding period last year.

Eicher Motors, Kotak Mahindra Bank, HDFC and Bajaj FinServ lost 3-6 percent while Yes Bank soared 9.5 percent on reports that DHFL is likely to announce a deal with special situations investor AION Capital for a majority stake in the housing finance company.

Zee Entertainment Enterprises, Indiabulls Housing Finance, Hindalco and Vedanta climbed 3-4 percent.

Shares of Cox & Kings fell 5 percent to extend loses for the 19th straight session.

Globally, Asian stocks ended mostly lower as hopes for an aggressive rate reduction by the U.S. central bank faded and tensions between Britain and Iran rose in the Gulf.

European markets rose in early trade as Italy's fractious coalition partners geared up for a showdown to avoid the collapse of the government following a series of clashes.

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