Indian shares drop 2% on global rout; Videocon up

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Indian shares fell 2% as investors took fright after a grim economic warning by the Federal Reserve for the US economy sent markets across the world sliding.

Banks, export-driven software services companies such as Infosys and truck and car maker Tata Motors were among the big losers. Gajendra Nagpal, chief executive of Unicon Financial Intermediaries, said investor confidence was dented after
US stocks suffered their worst drop in a month on Fed comments there were “significant downside risks” to the economy even as it took another stab at boosting growth.

Videocon Industries bucked the trend and rose as much as 3 percent after the energy unit of the consumer electronics maker announced a discovery of oil and gas in Brazil.

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