Indian shares ended over 1 percent lower on Monday, extending losses for the ninth straight session, dragged by pharma, auto, and PSU bank stocks. Negative Sentiment in the Asian peers also pulled the markets lower.

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Asian shares slipped over fears of global economic growth after trade negotiations between the US and China appeared at a deadlock. MSCI’s broadest index of Asia-Pacific shares outside Japan had dropped 0.5 percent.

The Sensex settled 372 points lower at 37,091, while the Nifty50 lost 131 points to end at 11,148. The broader markets, however, underperformed the benchmark indices with Nifty Midcap and Nifty Smallcap down 2.2 and 2.7 percent, respectively.

Eicher Motors was the biggest Nifty50 loser, down 8 percent after the company reported a disappointing set of numbers for the March 2019 quarter and brokerages cut the stock's target price for FY20.

Sun Pharma, Zee, Indiabulls Housing, and YES Bank were the other top losers on Nifty. Meanwhile, Bharti Infratel, HDFC, Tech Mahindra, Titan, and HUL were top gainers.

Sun Pharma fell over 5 percent for the day, dragging the Nifty Pharma index (down 4.4 percent) after about 40 states in the US filed a lawsuit on allegations of drug price inflation.

All sectoral indices, except Nifty IT, ended the day in the red. Huge selling was seen in Nifty Pharma and Nifty PSU Bank index. Nifty Auto, Nifty Metal and Nifty Realty also slipped nearly 2 percent each.

Nifty PSU Bank index slipped 5 percent in trade today with all index constituents ending in negative. Union Bank of India, Syndicate Bank, Allahabad Bank, Canara Bank, and Punjab National Bank slipped between 7.5-2.5 percent. Allahabad Bank fell nearly 8 percent after its March-quarter loss widened while provision it set aside for bad loans also grew.

Cigarette maker ITC fell 3 percent even after it reported a 19 percent jump in net profit at Rs 3,482 crore for the period ended March 31. A CNBC-TV18 poll had estimated a profit of Rs 3,225 crore.

L&T fell 2.6 percent after its March-quarter profit fell short of Street estimates and the conglomerate warned that disruptions in decision-making processes due to elections in India could impact operating parameters in the first half of 2019-20.