Domestic stock started Friday's session on a lower note amid weakness in Asian peers, a day after the S&P BSE Sensex clocked a record closing high.
The S&P BSE Sensex index fell as much as 150.07 points to hit 40,503.67 on the downside, and the broader NSE Nifty moved to as low as 11,966.50, down 45.55 points from the previous close.
Equities in other Asian markets moved lower with MSCI's broadest index of Asia Pacific shares outside Japan last seen trading down 0.27 per cent. Japan's Nikkei 225 index however was up 0.09 per cent at the time.
Credit ratings agency Moody's changed its outlook on India's ratings to "negative" from "stable", citing increasing risks that the country's economic growth will remain lower than in the past.
The government however said India continues to be among the fastest growing major economies in the world and the country's "relative standing remains unaffected".
On Thursday, the Sensex had ended 183.96 points - or 0.45 per cent - higher at 40,653.74 and the Nifty settled up 46.00 points (0.38 per cent) at 12,012.05.