Estimated to cost $44 billion, the project was expected to be commissioned by 2025.
One of the reasons is that the retail prices are not bench-marked to crude but their respective international benchmark prices.
All subsidies will be eliminated by March 2018
The wider NSE Nifty touched a low of 10,652.40 before finishing at 10,671.40, showing a loss of 97.75 points, or 0.91 per cent.
A fire broke out because of a suspected leakage in an oil pipeline passing through a land owned by the Mumbai Port Trust in Wadala in central Mumbai, but no one was injured.
In the Sensex pack, ICICI Bank emerged as the top gainer by rising 0.97 per cent, while Tata Steel advanced 0.92 per cent.
Costlier oil due to rising conflict in Iraq threatens to hurt the India economy that is already battling price rise and slowing growth.
Sensex shed 167 points to close at 28,633 and Nifty dropped 55 points to end at 8,695.
All listed firms were required to have at least one woman director on their boards from April 1, 2015, as per a Sebi directive.
Nifty50 surged 87 points to end at 8,157, highest closing levels since Oct 29, 2015.
The NSE Nifty cracked below the 10,800-mark to hit a low of 10,753.05 intra-day, before closing at 10,762.45 with a loss of 59.40 points, or 0.55 per cent.
Banking stocks felt the heat due to worries that the lending rate cuts will hit their bottom line
As fuel prices surged in September, the government's decision to ask companies to cut price by Rs1 each on a litre of petrol and diesel came as a dampner for private players.
Sentiments took a hit after broader Asian markets weakened, following a renewed sell-off on Wall Street on Tuesday as energy shares dropped after crude oil prices plunged to a 13-month low amid weak earnings and US-China trade disputes, fuelling worries about economic growth
Traders said falling crude prices in the global market was a big boost for the economy as it lightens the country's import bill burden, eases inflation and current account deficit concerns.
The broader NSE Nifty, after shuttling between 10,651.60 and 10.532.70 points on alternate bouts of buying and selling, closed 6.20 points, or 0.06 per cent, down at 10,576.30.
The broader NSE Nifty slipped below the 10,500-mark by falling 103 points, or 0.97 per cent, at 10,482.20. It touched a high of 10,645.50 and a low of 10,464.05 during the day.
The BSE benchmark Sensex surged about 241 points to end at 35,165.48 and the NSE Nifty gained 84 points to close at 10,688.65.
Indian companies place orders worth $600 million for US crude, which is likely to increase by nearly $2 billion in the near future.
Oil & gas, banking and pharma sector stocks stole the show
Markets ended in red, index heavyweights drag.
On the last day of FY!5, the Sensex ended lower by 18.37 points at 27,957.49.
Metal stocks also had a good session, with JSW Steel zooming by 7%, and Tata Steel and Nalco gaining about 3% each.
Asian shares ended higher after a string of positive US economic data.
Analysts say Tatas could sustain their current pace of growth, provided the group's "cash cows", such as TCS and Tata Motors, continue to deliver.
For the seven months since February 2014, the benchmark index surged nearly 27%.
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Cumulatively for the first two quarters till now, the advance tax collections from the Mumbai zone, which contributes over a third of the income tax collections nationally, have grown 11 per cent, the official said.
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