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Sensex Drops 150 Points In Early Trade; Nifty Nears 10,900

Indian shares opened lower on Monday despite positive cues from global markets.

The benchmark S&P BSE Sensex dropped 150 points or 0.41 percent to 36,830 while the broader Nifty index was down 40 points or 0.37 percent at 10,906.

State-run banks were moving lower. A total of 2,480 cases of fraud involving a huge sum of Rs31,898.63 crore rattled 18 public sector banks in the first quarter of this fiscal, an RTI query has revealed.

Ruchi Soya climbed 4.4 percent as Patanjali Ayurved said it would infuse over Rs 3,438 crore as equity and debt to settle dues of creditors of the debt-laden firm.

MTNL advanced 1.8 percent on reports of capital infusion from the government.

Equitas Holdings slumped 8 percent after it proposed a new scheme of arrangement to list its small financing bank arm.

Aurobindo Pharma edged up slightly after its U.S. arm recalled 2,352 bottles of lipid-lowering Simvastatin tablets from the American market.

Tata Motors and Maruti Suzuki fell around 2 percent as states oppose a cut in GST rate.

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