Sensex, Nifty Tumble Amid Global Selloff

Indian shares fell sharply on Monday as markets elsewhere across Asia and Europe slumped amid concerns around debt-laden Chinese developer Evergrande's inability to pay part of its huge debt due on Thursday.

Evergrande's Hong-Kong listed shares plunged to an 11-year low as fears grew of a default on $300 billion of debt.

China's property giant Evergrande, the world's most indebted property developer with more than 300 billion dollars of liabilities, has to pay interests on its bonds with a payment deadline due on Thursday. The company has warned more than once that it could default.

A firmer dollar in the international markets ahead of a week packed with no less than a dozen central bank meetings also dented sentiment.

The U.S. Federal Reserve concludes a two-day meeting on Wednesday and consensus is that it will lay the groundwork for the tapering of its bond buying program.

The benchmark 30-share BSE Sensex fell 524.96 points, or 0.89 percent, to 58,490.93, while the broader NSE Nifty index ended down 188.25 points, or 1.07 percent, at 17,396.90.

Metal stocks succumbed to selling pressure as iron ore prices plunged on reports that China is planning to expand air pollution curbs in Beijing and nearby provinces. Hindalco, JSW Steel and Tata Steel lost 6-10 percent.

Lupin dropped 2.1 percent on news it received 7 observations from the U.S. health regulator for its Goa facility.

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