BENGALURU (Reuters) – Indian shares were on course to fall for a third straight session on Wednesday, dragged down by losses in ITC and oil refining stocks and as U.S.-China tensions were back in focus in broader Asian markets.

The NSE Nifty 50 index .NSEI fell 0.63% to 9,148.25 by 0400 GMT, while the S&P BSE Sensex .BSESN was 0.68% lower at 31,248.64.

Shares in consumer goods conglomerate ITC (ITC.NS) and lender Axis Bank Ltd (AXBK.NS) fell 6% and 3.8%, respectively, as the Economic Times reported that India’s government was planning to sell its stakes in the two companies.

India late on Tuesday increased its taxes and duties on petrol and diesel, a move expected to raise costs for oil refining companies. Bharat Petroleum Corp Ltd (BPCL.NS) fell 8.3%.