Indian shares slipped on Monday as market heavyweight Reliance Industries saw its worst day in 10 months, leading energy stocks lower, and the return of COVID-19 restrictions in Europe weighed on investor sentiment.
fell as much as 4.18% to its lowest level in over two months, after the company said last week it had decided with Saudi Aramco to reevaluate a proposed $15 billion stake sale in its oil-to-chemicals arm to the Saudi oil producer.declined as much as 2.1%, led by losses in Reliance.
"Reliance shares are mainly driving the indexes down," said Kshitij Purohit, senior manager at CapitalVia Global Research Limited. However, the halt in the stake sale is unlikely to impact Reliance, which has other factors working in its favour, including a sharp recovery in refining margins, a possible hike in telecom prices and a strong retail business, according to Sumit Pokharna, VP Research at Kotak Securities.
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