State Bank of India reported a rise in net income and a decline in gross non-performing assets in the June quarter. JK Tyre & Industries reported a sharp jump in its net income in the June quarter. Britannia said the modest increase in profit was driven by higher volume sales and improving profit margins.

The Nikkei 225 stock average plunged the most since Black Friday in October 1987 amid growing worries about the U.S. economy's health and the Bank of Japan's hawkish shift.

The Hang Seng index extended weekly losses to 1.6%, and the CSI 300 index dropped by 0.5% after Friday's global market sell-off sapped market sentiment. 

The Bank of Japan unexpectedly raised its key lending rate and held out for more rate increases in the future, as inflation is expected to stay above the 2% target rate. 

China's official survey showed manufacturing activity contracted for the third month in a row and service activity growth dropped to an eight-month low, raising the prospect of more forceful stimulus in the second half.

Macrotech Developers reported a surge in revenue and earnings, and the company cited strong pre-sales in Pune. Dixon Technologies said a sharp jump in sales supported solid gains in earnings in the June quarter. GAIL India said improved margins and higher volume sales supported its quarterly results. 

After a day of volatile trading, benchmark indexes in Tokyo closed higher as the Bank of Japan's policymakers started a two-day meeting. Japan's jobless rate unexpectedly decreased in June. 



China's indexes reversed the previous day's gains ahead of the release of the factory activity survey on Wednesday. Foreign direct investment fund flow plunged in the first-half of this year.

Investors are hoping that the Bank of Japan will initiate its rate-increase plans and taper its government bond purchase program at the end of the policy meeting on Thursday. 

Profit at industrial enterprises rose in the first half of this year, raising hopes that corporate results may meet or surpass market expectations in the current earnings season.

Japan indexes closed down for the second week in a row and erased more than 10% from the peak reached only two weeks ago as investors unwind tech bets and monetary policy uncertainty remained high.

Benchmark indexes in Shanghai and Hong Kong extended weekly losses amid weak earnings outlooks as policymakers avoided providing additional support through purchases by state-controlled financial institutions. 

Market indexes in Tokyo plunged more than 3% following the global tech stock route. The yen continued to rally ahead of the Bank of Japan's policy meeting next week.

China stocks extended losses, and a global tech stock sell-off spread to Asia after Tesla and Google-parent Alphabet reported weaker than expected quarterly results. 



Japan indexes extended previous week's losses after factory activity growth unexpectedly declined in July. The service sector activities rose to a three-month high amid rising demand for professional services.