Jun 18, 2012, 04.06 PM IST | Source: Reuters

BSE Sensex drops; banks hit after RBI move

SENSEX-RBI-BANKS-SBI-ICICI-HDFC-BANK:BSE Sensex drops; banks hit after RBI move

MUMBAI (Reuters) - The BSE Sensex fell 1.4 percent, the biggest percentage fall since June 1 on Monday, led by a selloff in lenders after the RBI kept both interest rates and the cash reserve ratio unchanged.

Local shares had rallied in June, hitting a six-week high early on Monday's session, on expectations the RBI would ease policy after recent data showed economic growth in January-March fell to a nine-year low.

State Bank of India dropped 4.4 percent, ICICI Bank fell 2.2 percent, while HDFC Bank fell 3.1 percent.

The Sensex provisionally fell 1.4 percent to 16,712.69 points.

The broader 50-share Nifty provisionally fell 1.37 percent to 5,068.85 points.

(Reporting by Abhishek Vishnoi; Editing by Rafael Nam)

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