Lenders lead decline in stocks

Indian stocks dropped, led by lenders, in a volatile trading session that saw the benchmark index change direction at least 15 times before the central bank prepared to review interest rates.

ICICI Bank plunged the most in five months. State Bank of India, the biggest lender, dropped to its lowest level in almost two years. Maruti Suzuki India, the maker of half the cars sold in India, slid the most in a week after sales fell in January. Larsen & Toubro, the largest engineering company, climbed after saying it doesn't expect a slowdown in orders in the year through March.

The Sensex fell 0.2 per cent to 24,825 at the close in Mumbai. The gauge capped its first weekly gain in four on Friday as the Bank of Japan's negative interest-rate strategy added to confidence that major central banks remain supportive of growth.