Nov. 1 (Bloomberg) -- India's Sensitive Index fell after some investors judged the recent gains to records excessive. Reliance Industries Ltd. led declines.

``The rally has been sharp and swift, so we will see investors taking some profits out,'' said R.K. Gupta, who manages the equivalent of $75 million of stocks at Credit Capital Asset Management in New Delhi.

Bharti Airtel Ltd., the country's largest mobile-phone operator, posted its biggest drop in two weeks after a newspaper reported that India may increase fees for airwaves used to offer wireless services.

The Bombay Stock Exchange's Sensitive Index, or Sensex, slid 113.64, or 0.6 percent, to 19,724.35. The Sensex's relative strength index, a moving average based on advances and declines in the previous 14 days, was above 70 yesterday. A reading of 70 indicates to some analysts that the benchmark is poised to fall.

The S&P/CNX Nifty Index on the National Stock Exchange declined 34.20, or 0.6 percent, to 5,866.45. Nifty futures for November delivery slid 1.5 percent to 5,821.30.

Reliance, which runs the world's third-largest refinery, fell 110.95 rupees, or 4 percent, to 2,671.60. The stock has more than doubled this year. Reliance Energy Ltd., the best performer on the Sensex this year, dropped 99 rupees, or 5.3 percent, to 1,767.80.

Bharti dropped 63.65 rupees, or 6.3 percent, to 942.95. Mobile-phone operators using the global system for mobile communications, or GSM technology, may be required to pay as much as 14 percent of their annual revenue as fees, the Business Standard reported, without saying where it got the information.

Bharti, Vodafone

Bharti and Vodafone Group Plc's local unit, the nation's two biggest GSM-based operators, are seeking more bandwidth to offer mobile-phone services as record growth in the world's fastest- growing major wireless market crowds the airwaves.

Larsen & Toubro Ltd., the nation's biggest engineering company, rose 182.05 rupees, or 4.3 percent, to 4,426.60 after winning a contract to modernize the country's busiest airport in Mumbai. The contract from Mumbai International Airport Pvt. is to build a new passenger terminal and modernize and expand existing facilities, Larsen said in a release today.

Overseas funds sold a net 3.03 billion rupees ($75.2 million) of Indian shares on Oct. 30, according to the latest figures from the Securities & Exchange Board of India's Web site.

The following shares rose or fell. Stock symbols are in brackets after company names:

Bajaj Auto Ltd. (BJA IN) dropped 52.1 rupees, or 2.1 percent, to 2,422.10. India's second-biggest motorcycle maker said sales declined 1 percent to 278,176 motorcycles, scooters and three- wheeled auto-rickshaws last month.

Hindustan Unilever Ltd. (HUVR IN) fell 13.35 rupees, or 6.4 percent, to 194.25, its biggest decline since June 8, 2006. India's biggest maker of household products, said third-quarter profit declined 22 percent as a factory lockout cut production of shampoo and toothpaste. Net income slid to 4.08 billion rupees. That was less than the 4.42 billion rupee median estimate of analysts Bloomberg surveyed. The stock fell 5.2 percent yesterday.

Mahindra & Mahindra Ltd. (MM IN) rose 10.25 rupees, or 1.4 percent, to 764.95. India's biggest maker of sport-utility vehicles reported a 46 percent gain in domestic auto sales in October on higher demand for the Scorpio SUV and the Logan sedan.

Oil & Natural Gas Corp. (ONGC IN) jumped 82.3 rupees, or 6.6 percent, to 1,330.20. India's biggest explorer gained after crude prices rose above $96 a barrel for the first time in New York. Oil for December delivery gained as much as 1.8 percent to $96.24 a barrel in after-hours electronic trading on the New York Mercantile Exchange, the highest since trading began in 1983. It traded at $95.48 at 12:16 p.m. London time.

Patni Computer Systems Ltd. (PATNI IN) declined 27.35 rupees, or 6.8 percent, to 377.45, its biggest drop since Aug. 16. The software developer's planned stake sale has been canceled, television channel CNBC-TV18 reported, citing unidentified people.

The founders were close to selling part of their stake in Patni to Texas Pacific Group and Apax Partners Worldwide LLC, the Business Standard newspaper reported in August, without saying where it got the information.

To contact the reporter on this story: Pooja Thakur in Mumbai at pthakur@bloomberg.net.

Last Updated: November 1, 2007 07:51 EDT