Sensex falls around 300 points; oil and gas stocks slump

Reuters Market Eye - The BSE Sensex falls 1.3 percent while Nifty is down 1.4 percent, heading towards their biggest single-day fall since Jan. 27 as crude oil scaled nine-month highs on Friday on the escalating civil war in Iraq.

Investors say higher crude oil price, if sustained, would increase India's subsidy bill and trade deficit.

Among blue-chips, Reliance Industries falls 1.5 percent while Axis Bank slumps 3.1 percent.

(Reporting by Abhishek Vishnoi)