New Delhi, April 6 -- Reliance Industries share price declined over 4% on Monday amid heavy selling pressure, weighing on the broader market indices. Reliance shares fell as much as 4.13% to Rs.1,295 apiece on the BSE.

Reliance Industries emerged as the top loser on the benchmark Nifty 50. The sharp decline in the index heavyweight also dragged the broader index lower, with the Nifty 50 slipping as much as 0.7% during the session.

The billionaire Mukesh Ambani-led Reliance Industries holds the second-highest weightage in the Nifty 50 at 8.87%, after HDFC Bank, which has a weight of 10.94%.

The sharp correction in Reliance Industries share price also led to a significant erosion in its market capitalisation. The company's market cap sli...