New Delhi, May 12 -- Indian markets came under pressure on Monday, 11 May, with both equities and the rupee weakening after Narendra Modi called for measures such as fuel conservation, reduced imports, and curbs on gold purchases amid rising energy costs and pressure on foreign exchange reserves.

India, the world's third-largest importer and consumer of crude oil, had indicated late last month that there were no plans to increase retail fuel prices for diesel and petrol, even as global prices surged.

The Nifty 50 declined 1.49% to 23,815.85, while the BSE Sensex fell 1.7% to 76,015.28.

Meanwhile, the rupee weakened sharply, closing at a record low of 95.31 per dollar, down about 0.9% on the day-its steepest single-day decline since 27 ...