Reliance Industries’ shares ended 4.4% lower

Indian shares declined their most in seven months on Monday, dragged by heavyweight Reliance Industries, with losses in financial, auto and oil and gas shares pulling indexes further, Reuters reported.

The blue-chip NSE Nifty 50 index ended down 1.96% at 17,416.55, while the benchmark S&P BSE Sensex declined 1.96% to 58,465.89. Both indexes hit their lowest levels since Sept. 13.

Billionaire Mukesh Ambani-led Reliance Industries fell as much as 4.94% to its lowest in over two months after it decided to halt a proposed $15-billion stake sale in its oil-to-chemicals business to Saudi Arabia’s Aramco.

The conglomerate’s shares ended Monday 4.43% lower, and dragged Nifty’s Energy Index down 2.84%, with nearly all components on the sub-index ending the session down.

Oil prices came off seven-week lows, but were under pressure after Japan said it was weighing releasing oil reserves and as the COVID-19 situation in Europe worsened, raising concerns about both oversupply and weak demand.

Among other shares and sectors, digital payments firm Paytm fell as much as 18.57% before ending down 12.8%, shaving off $7.75 billion from its market value since the dismal debut of India’s biggest initial public offering last week.