Reuters Market Eye - The BSE Sensex is down 1 percent, after posting a second consecutive record closing high on Thursday, and the Nifty falls 1.2 percent.
Ranbaxy Laboratories , majority owned by Japan's Daiichi Sankyo Co , slumped over 18 percent after the U.S. Food and Drug Administration banned more products from the Indian drugmaker.
Rate-sensitive stocks fall after Reserve Bank of India Governor Raghuram Rajan was quoted as saying that inflation was a "destructive disease" that was forcing the bank to keep interest rates high, according to a Press Trust of India report carried by The Economic Times newspaper's website.
HDFC Bank falls 0.8 percent, while Tata Motors is down 3.5 percent.
(Reporting by Abhishek Vishnoi)
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