The Indian stock market decline was led by Indian banks, particularly ICICI Bank Ltd. which reported the greatest write down since the US subprime loan meltdown. Banks fell with growing fears that the market losses will continue to grow.
Infosys announced that its net profits have increased by 18% in the second quarter; however the stock declined as the company’s full-year earnings forecast was below expectations. Concerns are being raised that an appreciating rupee will have a negative impact on Indian technology companies as exports account for majority of their revenue.
