BENGALURU, Nov 22 (Reuters) - 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.
The blue-chip NSE Nifty 50 index fell 1.13% to
17,564.10, while the benchmark S&P BSE Sensex fell
1.15% to 58,959.15 by 0534 GMT.
Shares of Mukesh Ambani-led Reliance Industries
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.
The Nifty Energy Index 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
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.
Shares of Paytm fell as much as 12.9% in their
second day of trading despite positive Q2 data. The digital
payments start-up made one of the worst major stock market
debuts in India on Thursday.
Major auto stocks, including Tata Motors, Bharat
Forge and Bosch Ltd were down over 3% each,
as concerns over chip supply shortage continued, according
Shares of Bharti Airtel rose 5.82% to a record
high, after the telecom major announced tariff hikes effective
Investors did not immediately react to India's move last
week to repeal three agriculture laws that farmers have been
protesting against for over a year.
CapitalVia's Purohit said he foresees some impact on
agricultural and fertiliser stocks.
(Reporting by Vishwadha Chander in Bengaluru; Editing by
Subhranshu Sahu and Shailesh Kuber)