Shares of smallcap and midcap companies dropped up to 5% on Monday as broader markets tumbled, underperforming benchmark indices.
The Nifty Midcap 100 index lost around 400 points to more than 0.6% to 63,684, as seen at around 12.20 pm. IT major Persistent Systems shares were the top loser on the index, falling over 4% as Federal Reserve chief Kevin Warsh’s hawkish comments increased expectations for rate hikes by the American central bank, dampening sentiment for the IT stocks.
