India shares slide most in three weeks

India's benchmark stock index fell the most in about three weeks, paring a weekly gain. Metal and mining companies sank on concern the proposed new mining policy will lower earnings. Coal India Ltd., the world's biggest producer, tumbled the most since its November debut. A group of ministers has approved the draft of a bill that proposes to make miners pay for development in areas where they operate to avert discontent among local people. Housing Development Finance Corp., India's biggest mortgage lender, dropped after its first-quarter profit lagged behind analysts' estimates. The Bombay Stock Exchange Sensitive Index, or Sensex, lost 220.26, or 1.2 per cent, to 18,858.04 at the close in Mumbai. The slide was the steepest since June 20 and pared the weekly advance to 0.5 per cent. The S&P CNX Nifty Index dropped 1.2 per cent to 5,660.65 and its July futures settled at 5,664. The BSE 200 Index shed 1.2 per cent to 2,329.92. "The nervousness came due to the proposed mining bill and HDFC's results also didn't help," said Deven Choksey, managing director of K.R. Choksey Shares & Securities in Mumbai. "The rally of the past few days is being driven by global liquidity." From / Gulf News