Indian shares extended losses on Friday afternoon dragged by auto and public sector bank stocks amid renewed slowdown concerns, a day after the Reserve Bank of India (RBI) slashed repo rate by 24 basis points.

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At 12.15 pm, the BSE Sensex was lower by 222 points or 0.60 percent, to trade at 36,749. The NSE Nifty50 was holding 11,000 mark, trading almost 69 points lower or by 0.62 percent.

Tata Motors cracked over 20 percent on both indexes after reporting its biggest-ever quarterly net loss of almost Rs 27,000 crore for the third quarter. The Tata Group auto stock was the biggest drag along with ICICI Bank, Reliance Industries Ltd and L&T.

SBI, Axis Bank, HDFC, Maruti Suzuki, M&M and ITC also added to selling pressure. Support for the bulls came in from Kotak Mahindra Bank, Infosys, HDFC Bank, HCL Technologies and IndusInd Bank.

Broader markets underperformed with both the Nifty MidCap and the BSE MidCap down over a percent. The midcaps were dragged by Anil Ambani Group stocks, Dewan Housing Finance and other non-banking financial firms.

Meanwhile, the rupee extended the previous session’s gains and opened higher against the US dollar at 71.38

. The home currency had settled at 71.45 against the greenback on Thursday.

Asian shares were subdued over renewed trade war concerns after US President Donald Trump said he doesn't expect to meet his Chinese counterpart Xi Jinping before a March 1 deadline in trade war negotiations between the two economic superpowers.

Japan's Nikkei extended losses to over two percent, while Hang Seng was marginally in the red. South Korea's Kospi declined 1.2 percent.

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