Last week, Reserve Bank of India Governor Raghuram Rajan commented that inflation is a destructive disease which is forcing the central bank to keep interest rates high.
Bank shares were among the top losers in early trades with ICICI Bank, HDFC Bank, SBI and Axis Bank down 2-3% each.
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In the auto pack, Tata Motors, Mahindra & Mahindra, Maruti Suzuki, Bajaj Auto and Hero MotoCorp were down 1-3% each.
Engineering majors BHEL and Larsen & Toubro were both down 2% each.
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