Shares in HDFC Bank fell 1.4 per cent, Tata Motors was down 1.6 per cent while Larsen & Toubro and Axis Bank fell over one per cent each as declining rupee lowers prospects of early rate cuts by the central bank.
Reserve Bank of India's monetary policy review on December 2.
Most in markets expect RBI to cut benchmark interest rates by March 2015.
Rupee on Thursday fell to as much as 62.22, its lowest level since Feb. 20.
Weakness in the rupee is negative for importers and India's current account.
Copyright: Thomson Reuters 2014
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