Indian shares fall as quarterly earnings disappoint

Most other Southeast Asian stock markets were subdued.

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Indian shares began the August derivatives series on a weak note on Friday following lower-than-expected corporate earnings.

Most other Southeast Asian stock markets were subdued, in line with broader Asian shares after a tech-stock driven slide on Wall Street.

At 0611 GMT, the S&P BSE Sensex fell 0.53 percent to 32,222 while the broader NSE Nifty lost 0.4 percent to 9,981.

Shares of drug major Dr Reddy's slumped 5.4 percent after the Hyderabad-based company reported 53.21 percent year-on-year fall in consolidated net profit.

Idea Cellular fell 1.5 percent after telecoms provider reported it's third successive net loss of Rs 815 crore for the quarter ended June.

Bio-pharmaceutical company Biocon lost 3 percent after its consolidated net profit fell 51.2 percent in the quarter ended June, missing analyst estimates.

Shares of country's largest private sector lender ICICI Bank were down 2.5 even as the company reported a marginal rise in consolidated net profit for the first quarter of the current fiscal.

Bucking the trend, the stock of conglomerate ITC rose 0.6 percent after the tobacco maker posted a near 7 percent rise in first-quarter profit.

Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declined.