Indian shares fell over 1 percent on Monday after two straight sessions of gains, as measures outlined by the government on Friday to stem the rupee's steep decline failed to boost investor sentiment, while weak Asian shares also weighed on the market.
The rupee fell more than 1 percent to 72.70 per dollar.
Asian shares also declined, with MSCI's broadest index of Asia-Pacific shares outside Japan down 0.98 percent after three consecutive sessions of gains.
The broader NSE Nifty fell 1.19 percent, or 137.45 points, to 11,377.75, while the BSE Sensex declined 1.33 percent, or 505.13 points, to 37,585.51.
Financials took a beating with Housing Development Finance Corp shedding 2.4 percent, while HDFC Bank Ltd dropped 1.8 percent.
Index heavyweight Reliance Industries Ltd fell 2.2 percent.