The stock market retreated from fleeting record highs hit in pre-open trade, dragged down by Reliance Industries after a court blocked the conglomerate's $3.4 billion retail asset purchase from Future Group.
The NSE Nifty 50 index fell 0.21 per cent to 14,612.45, while the benchmark S&P BSE Sensex was down 0.27 per cent at 49,661.62. The indexes had risen as much as 0.7 and 0.87 per cent, respectively, to all-time highs in pre-open trade.
Shares of Future Retail dropped 5 per cent after an Indian court blocked Future Group's retail asset sale to Reliance Industries on objections raised by e-commerce giant Amazon.com Inc.
Shares of Reliance Industries fell 0.98 per cent and was the biggest drag on the index.
Dr. Reddy's Laboratories rose 5.3 per cent after a report said India is expected to grant emergency use authorisation for Russia's Sputnik V Covid-19 vaccine soon.
Dr. Reddy's has a partnership with the Russian Direct Investment Fund that covers clinical trials of the vaccine and distribution rights for India.