Dec. 30 (Bloomberg) -- India’s benchmark stock index dropped, erasing earlier gains. The BSE India Sensitive Index, or Sensex, fell 0.5 percent to 15,464.18 at 2:08 p.m. after advancing as much as 1 percent earlier.

Reliance Industries Ltd., India’s most valuable company, lost 2.5 percent. Sterlite Industries (India) Ltd., the biggest copper producer, retreated 2.5 percent. State Bank of India, the nation’s largest lender, fell 1.1 percent.

To contact the reporter on this story: Rajhkumar K Shaaw in Mumbai at rshaaw@bloomberg.net

To contact the editor responsible for this story: Matthew Oakley at moakley@bloomberg.net