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Stocks retreat as Unilever profit trails estimates

Rajhkumar K Shaaw  |  Mumbai 

India's benchmark stock index dropped from an 11-month high after the nation's largest telecom companies cut rates and quarterly profits from the biggest consumer company disappointed investors. Mobile-phone operators Bharti Airtel and Idea Cellular were among the worst performers on the MSCI Asia Pacific Excluding Japan index after lowering data prices before billionaire Mukesh Ambani's Reliance Jio Infocomm launches its services. Reliance Industries, which operates the world's biggest refinery complex, erased gains of as much as 2.7 per cent. Hindustan Unilever tumbled the ...

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First Published: Mon, July 18 2016. 22:40 IST