Sensex drops 431 points; ITC slumps 5.3 percent

MUMBAI (Reuters) - The Sensex fell more than 2 percent on Monday and the Nifty retreated from a near 2-1/2 year high. ITC slumped on profit-taking, while technology stocks such as Tata Consultancy fell on continued concerns about a U.S. immigration bill.

Weaker Asian shares also weighed on sentiment after data showed China's factory output growth was surprisingly feeble in April and fixed-asset investment slowed.

ITC Ltd fell 5.2 percent, while Tata Consultancy Services Ltd lost 2.6 percent.

The Sensex declined 2.14 percent to end at 19,691.67 and retreating after ending at its highest close since late January 2013 on Saturday. The broader Nifty index fell 2.08 percent.

 

(Reporting by Abhishek Vishnoi; Editing by Anupama Dwivedi)