India ETFs continued to plunge Friday, with Indian markets on pace for their biggest monthly decline in two-and-a-half years, on rising concerns over cash shortages at non-banking financial companies.

India-related ETFs were among the worst performers Friday, with the iShares MSCI India Small-Cap ETF (NYSEArca: SMIN) down 2.7% and VanEck Vectors India Small-Cap Index ETF (NYSEArca: SCIF) 4.3% lower. Meanwhile, the iShares MSCI India ETF (CBOE: INDA), the largest India country-specific ETF, dropped 1.3%.

Over the past month, SMIN declined 15.3%, SCIF decreased 16.1% and INDA fell 9.2%.

India shares wrapped up the third quarter with their worst month since February 2016, dragged down by heavy selling pressure in metals, auto, realty, IT, media, pharma, and financial stocks.

A number of factors contributed to the fallout in the domestic equity market, including rupee depreciation, higher crude oil prices and outflow of foreign funds, the Financial Express reports.

Concerns in India Markets

The demand for Indian equities further lowered on the falling rupee, which touched a record low of near 73 to a dollar earlier in the month.

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