Bombay stocks sold off Thursday, dropping 1.4% following three solid gains earlier in the week.

The BSE Sensex dropped 177 points to close at 12,435 after earlier touching 12,671, yet another intraday all-time high.

The top laggards on the index were Reliance, down 5.3%, Tata Steel , off 4.4% , and Grasim, down 2.9%.

Gainers included Hindalco, up 1.7% and HDFC, up 1.3%.

Larsen & Toubro shed 1.3% on plans to set up a shipyard to build huge vessels, including large crude carriers.

Tata Power shed 2.6%. It reportedly plans to add thermal generation capacity.

Reliance Industries said it may take a stake in the big Saudi Aramco petrochemical project in Saudi Arabia.

This story was created through a joint venture between TheStreet.com and IRIS.