India's benchmark stock indices declined for the second consecutive day, with rising liquefied petroleum gas shortages and surging global oil prices weighing on the nation's economic outlook. The NSE Nifty 50 index fell 0.8% to 23,673.05 points, while the S&P BSE Sensex recorded a similar drop. The weakness in local equities aligned with a broader sell-off across Asia-Pacific markets, as volatility in worldwide energy prices dampened investor sentiment.

Shares of food delivery platforms and quick-service restaurant chains were among the hardest hit, following media reports that shortages of cooking gas are forcing eateries to reduce menu offerings. Private bank and automobile stocks also traded lower. Small- and mid-cap stocks faced even steeper declines, with the respective indices dropping as much as 1.9%.

ICICI Bank fell 2%, emerging as the biggest drag on the Nifty 50 index. Among the 50 constituents of the Nifty 50, only four advanced while 46 declined.