BENGALURU, Nov 22 (Reuters) - Indian shares declined their most in seven months on Monday, dragged by heavyweight Reliance Industries, with losses in financial, auto and oil and gas shares pulling indexes further.

The blue-chip NSE Nifty 50 index ended down 1.96% at 17,416.55, while the benchmark S&P BSE Sensex declined 1.96% to 58,465.89. Both indexes hit their lowest levels since Sept. 13.

Billionaire Mukesh Ambani-led Reliance Industries fell as much as 4.94% to its lowest in over two months after it decided to halt a proposed $15-billion stake sale in its oil-to-chemicals business to Saudi Arabia’s Aramco.

The conglomerate’s shares ended Monday 4.43% lower, and dragged Nifty’s Energy Index down 2.84%, with nearly all components on the sub-index ending the session down.

Oil prices came off seven-week lows, but were under pressure after Japan said it was weighing releasing oil reserves and as the COVID-19 situation in Europe worsened, raising concerns about both oversupply and weak demand.

Among other shares and sectors, digital payments firm Paytm fell as much as 18.57% before ending down 12.8%, shaving off $7.75 billion from its market value since the dismal debut of India’s biggest initial public offering last week.