Bombay Stock Exchange (BSE) Sensex and NSE Nifty fall around 1 percent, head towards their third consecutive session of decline. Apollo Tyres shares extend losses to nearly 21 percent as its buy of US-based Cooper Tire & Rubber Co for about $2.5 billion raised concerns about its debt levels. Sun Pharmaceutical Industries falls 2.7 percent after the company settled a patent suit with Pfizer Inc related to its acid-reflux drug for $550 million.
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Shares leading losses on the BSE Sensex - ITC down 2 percent, Tata Motors loses 3.5 percent, HDFC Bank down 1.3 percent.
BSE auto index was down around 2 percent.
Asian shares hovered near 2013 lows and Japanese stocks took another dive as the prospect of less stimulus from central banks depressed sentiment, while the U.S. dollar fell further against the yen amid uncertainty over the Federal Reserve's policy outlook.
Foreign institutional investors (FIIs) provisionally sold 10.60 billion rupees worth of Indian stocks on Wednesday, selling a total of about 19 billion rupees in the last two sessions, as per exchange and regulatory data.