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Essar Oil fell as much as 20 percent after India's Supreme Court passed a ruling late on Tuesday that means the refiner will no longer be able to defer payment of a sales tax.
At 9:17 a.m. (0347 GMT), the main 30-share BSE index was flat 16,460.28 after opening up 0.3 percent, with 14 of its components gaining.
The 50-share NSE index was down 0.3 percent at 4,951.00.