Nifty, Sensex drop over 1 percent as Reliance sinks

(Reuters) - Indian shares fell over 1 percent for the second consecutive session on Friday, dragged by Reliance Industries Ltd after its second-quarter performance failed to please investors, while non-banking finance companies continued to face selling pressure.

The benchmark Sensex closed down 1.33 percent at 34,315.63, shedding 1.2 percent over the week.

The broader Nifty ended 1.43 percent lower at 10,303.55. It fell 1.6 percent during the week.

Shares of Reliance Industries took a severe hit, ending down over 4 percent lower on concerns of its heavy debt and delay in the company's key refining project, while its gross refining margin fell.

(Reporting by Tanvi Mehta in Bengaluru; Editing by Sunil Nair)