Private lenders Axis Bank and ICICI Bank fell by 1.5 per cent and 1.4 per cent respectively while HCL Technologies, Tata Consultancy Services and UPL traded with a negative bias.
The development helped Shanghai blue chips recoup early losses to rise by 0.3 per cent. MSCI's broadest index of Asia Pacific shares outside Japan also moved up by 0.3 per cent.
Among stocks, Bharti Infratel fell by 7.2 per cent at Rs 202.50 per share while Bharti Airtel was down by 3.1 per cent. IndusInd Bank slipped by 3.5 per cent, State Bank of India by 1.3 per cent, Tata Motors by 2 per cent and Britannia by 1.6 per cent.
Among stocks, Eicher Motors was a prominent gainer by moving up 3.8 per cent to Rs 19,948.10. Britannia, Yes Bank, Asian Paints and HDFC were in the green with marginal gains.
The government led by Prime Minister Narendra Modi has unveiled various measures to arrest the falling growth -- from rolling back of higher tax surcharge for foreign investors to mega reforms in the public sector banking space.
The MSCI's broadest index of Asia Pacific shares outside Japan added 0.1 per cent. The Shanghai Composite Index was up by 0.4 per cent, South Korea's KOSPI rose by 0.7 per cent and Japan's Nikkei was up by 0.4 per cent.
The Shanghai Composite Index added 0.45 per cent while MSCI's index of Asia-Pacific shares outside Japan gained 0.5 per cent. But sentiment in the wider region remained subdued amid worries about a global recession.
Among the other prominent losers were Tata Steel, ICICI Bank, UltraTech Cement, Titan, Indian Oil Corporation and Tata Motos which lost between 4 and 4.5 per cent each. Heavyweight Reliance Industries plunged by 3.8 per cent while Jindal Steel lost by 3.6 per cent.
Hong Kong's Hang Seng was down by 0.1 per cent after anti-government protests. The Shanghai Composite Index fell by 0.05 per cent but Japan's Nikkei moved up marginally by 0.09 per cent.
Among stocks, Indiabulls Housing Finance dropped by 4.2 per cent to Rs 437.80 per share. Private lenders Yes Bank and ICICI Bank also slipped by 2.8 per cent and 0.9 per cent respectively. The other prominent losers were HDFC, Britannia, Grasim, Hero MotoCorp and Bharti Infratel.