Expectations of muted expenditure on railway infrastructure and the assumption that there would be no further fare hikes may have contributed to the fall, according to analysts.
The railway minister said the target of 700 km of new lines in the current year (2012-13) had to be scaled down to 470 km due to inadequate resources.
Railways Minister Sadananda Gowda will present his maiden Rail Budget on July 8 in Parliament.
State owned banks SBI and PNB were the top Nifty gainers along with ICICI Bank and auto shares.
TCS, ICICI Bank, Sun Pharma,Tata Motors and HDFC among the top losers for the day
Benchmark share indices ended at record closing highs, amid a volatile trading session on Monday, with IT majors leading the gains.
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