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Sensex Tumbles 298 Points; Nifty Ends Below 11,250

Indian shares fell on Thursday, with financials pacing the declines after IndusInd Bank reported an increase in gross non-performing assets.

Investors also fretted about slowing growth after Moody's Investors Service slashed its 2019-20 GDP growth forecast for India to 5.8 percent from 6.2 percent earlier, saying the economy was experiencing a pronounced slowdown due to long-lasting factors.

The benchmark S&P BSE Sensex dropped 297.55 points, or 0.78 percent, to 37,880.40 while the broader NSE Nifty index ended the session down 78.75 points, or 0.70 percent, at 11,234.55.

IndusInd Bank slumped 6 percent after its asset quality worsened in the second quarter ended September.

HDFC Bank, SBI, ICICI Bank and Yes Bank lost 2-5 percent.

TCS shed 0.9 percent ahead of its quarterly earnings results due later in the day.

Reliance Industries rallied 2.7 percent after Reliance Jio Infocomm said it would charge users 6 paise/min for calls to rivals' network.

Bharti Airtel jumped 4.4 percent while Vodafone Idea shares surged 5.1 percent.

Indiabulls Housing Finance plummeted 19 percent and Lakshmi Vilas Bank lost 4.8 percent after the Reserve Bank of India (RBI) rejected a proposal of their merger.

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