The Indian equity benchmark indices ended lower on Thursday after the Supreme Court rejected telecom companies' definition of adjusted gross revenue (AGR).

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At 3:30 pm, the 30-share BSE Sensex was down 38.44 points or 0.10 percent to trade at 39,020.39, while Nifty50 was trading 21.50 points or 0.19 percent lower at 11,582.60. Broader indices also made losses, with the Nifty Midcap down 0.32 percent and the Nifty Smallcap at 0.39 percent.

Nifty PSU Bank was the worst-performing index (down 3.45 percent), while Nifty Realty was the only one in green (up 0.9 percent).

Bharti Airtel, Reliance Industries, Eicher Motors, HCL Technologies and Titan were the leading Nifty gainers, while Bharti Infratel, Grasim, YES Bank, SBI and GAIL fell by up to 3-8 percent.

The share price of Inox Leisure surged over 9 percent intraday on Thursday after the company reported strong Q2 earnings with revenue up 42 percent year-on-year (YoY).

Maruti Suzuki's shares slipped 2.27 percent intraday after the carmaker reported a weak July-September quarter with standalone revenue from operations declining 24 percent year-on-year (YoY) to Rs 16,985 crore as against Rs 22,433 crore in the corresponding quarter last year.

Telecom stocks slipped on Thursday after Supreme Court rejected telcos' definition of AGR (adjusted gross revenue). The share price of Vodafone Idea took a bigger plunge and fell over 18 percent intraday.

Elsewhere in Asia, the markets mostly rose in the afternoon, as the latest figures showed that South Korea’s economy continued to slow. Investors, meanwhile, look ahead to the European Central Bank meeting on Thursday.