Indian shares log worst week in over two months

Indian shares slid on Friday to log their worst week in over two months as IT stocks tumbled as HCL Technologies’ warning of a potential slowdown in client spending in the industry’s key US market.

The Nifty 50 index closed down 0.61% at 18,496.60, while the S&P BSE Sensex (.BSESN) ended 0.62% lower at 62,181.67, with both indexes posting their sharpest drops in a week.

The Nifty lost 1.07% for the week, while the Sensex fell 1.09%, logging their biggest one-week slides since the week-ended Sept. 30, reported Reuters.

IT stocks, the second most influential sectoral group on the Nifty, tumbled 3.14% on the day and more than 6% for the week. The weekly drop was the steepest since mid-September when IT stocks fell in tandem with US tech stocks.