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By Bloomberg

Indian stocks declined after the benchmark stock index’s steepest rally in three months, led by drugmakers and metal producers.

Cipla Ltd., one the country’s four biggest pharmaceutical companies, tumbled from a record even as its quarterly profit exceeded estimates. Vedanta Ltd. and Hindalco Industries Ltd., the biggest copper and aluminum producers, slid at least 2.5 percent. Reliance Industries Ltd., owner of the world’s largest refining complex, slid 1.9 percent and Oil & Natural Gas Corp. fell the most in a week.

The S&P BSE Sensex lost 0.9 percent to 27,822.57 at 10:12 a.m. in Mumbai. The gauge fell 0.6 percent last week after the yuan’s devaluation and speculation that the U.S. may increase interest rates next month sparked a sell-off in emerging-market assets. Shares also declined after a parliament session ended Thursday without passing a key tax bill, jeopardizing the government’s aim of introducing the levy in April 2016.

Cipla lost 4.3 percent in the worst performance on the Sensex on Monday. First-quarter net income more than doubled to 6.51 billion rupees ($100 million), beating the 4.25 billion rupees estimate, the company said after market hours on Friday.

Quarterly earnings at 18 of the 30 Sensex companies, or 60 percent, matched or beat estimates in the June quarter, versus 40 percent in the March quarter.

International investors sold a net $76 million of Indian stocks on Aug. 13, paring this year’s inflows to $6.9 billion.

The Sensex has increased 1 percent this year and trades at 15.6 times projected 12-month earnings. The MSCI Emerging Markets Index is valued at a multiple of 11.