Markets weaker after Greeks vote against austerity measures

MUMBAI (Reuters) - India's stock markets fell on Monday after Greeks overwhelmingly rejected conditions of a rescue package from creditors, raising fears foreign investors would ride out the uncertainty by paring down riskier holdings in emerging markets.

The resounding 'no' vote threw the future of Greece's euro zone membership into further doubt and deepened a standoff with lenders.

The rupee weakened to 63.55 per dollar compared to its previous close of 63.44/45 at 12:53 p.m.

India's benchmark BSE Sensex was down 0.42 percent or 118.29 points while the broader Nifty was 0.32 percent or 26.60 points lower.

Shares of companies with exposure to or units in Europe fell.

Tata Steel was down 2.4 percent, Motherson Sumi Systems fell 1.7 percent while Havells India dropped 0.04 percent.

Fund managers, however, said the falls were temporary as Greece concerns were almost discounted.