Indian shares slip to four-month low

Indian shares slipped to their lowest in nearly four months on Friday after Bloomberg reported that US prosecutors could file charges by year-end in a criminal investigation of generic makers over suspected price collusion.

Sun Pharma, the world`s fifth-largest generic drugs manufacturer, fell as much as 7.2 per cent, while Dr. Reddy`s lost as much as 5.5 per cent.

The Nifty pharmaceuticals index fell as much as 4.8 per cent.

The broader NSE index was down 0.26 per cent at 8463.15 as of 0619 GMT, after hitting its lowest since July 11.

Shares have fallen for four consecutive sessions, and are down 2.1 per cent for the week, its biggest weekly fall since the week ended on Sept. 30.

The benchmark BSE index was 0.15 per cent lower at 27,390.13, its lowest since July 8, and was headed for a 1.9 per cent weekly fall.

ITC Ltd rose 4.3 per cent, Hindustan Unilever was up 1.89 per cent, Dabur India up 1.7 per cent and Colgate-Palmolive (India) up 3.5 per cent.

The Nifty FMCG index gained as much as 4.0 per cent in its biggest percentage gain in eight months, according to a news agency report.