Shares of Future Supply Chain Solutions, Future Retail, Future Lifestyle Fashions, Future Consumer and Future Enterprises fell between 5 percent and 20 percent.
The Reserve Bank of India earlier this month raised its inflation forecast for the current fiscal year to 5.7 percent, 120 basis points above its forecast in February, while cutting its economic growth estimate to 7.2 percent from 7.8 percent.
“We believe the pass-through of high global commodity prices to the real economy will affect households’ purchasing power and company margins, and constrain the fiscal space available for capex,” UBS economist Tanvee Gupta Jain said in a note.
The downgrade comes a week after the World Bank lowered its economic growth forecast for India and the whole of South Asia, citing worsening supply bottlenecks and rising inflation risks along with the Ukraine Russia crisis.
Malaysia is the world’s second-largest producer of palm oil after Indonesia.