Sensex lower; Hurt by Ranbaxy, RBI Chief's Comment
January 24, 2014 7:14 PM EST
The BSE Sensex is down 0.8 percent, after posting a second consecutive record closing high on Thursday, and the Nifty falls 1 percent.
A road sign next to Bombay Stock Exchange (BSE) building in Mumbai
Ranbaxy Laboratories (RANB.NS), majority owned by Japan's Daiichi Sankyo Co (4568.T), slumped over 19 percent after the U.S. Food and Drug Administration banned more products from the Indian drugmaker.
Rate-sensitive stocks fall after Reserve Bank of India Governor Raghuram Rajan was quoted as saying that inflation was a "destructive disease" that was forcing the bank to keep interest rates high, according to a Press Trust of India report carried by The Economic Times newspaper's website.