New Delhi - Indian shares fell more than 3 per cent after mid-session Friday, tracking weak global cues despite the approval of the US bail-out package for the banking sector.

The country's benchmark Sensex was quoted at 12,658.21 points at 2 pm (0830 GMT), a loss of 3.04 per cent from its previous close.

Reliance Industries, the country's biggest private conglomerate led the losses in the 30-share sensitive index.

Similarly, the broader S&P CNX Nifty of the National Stock Exchange was trading at 3,842.85 for a midday loss of 2.73 per cent.

Market analysts told the PTI news agency that investors continued to unload their positions due to worries about a slowdown in the US economy after the crisis gripped financial institutions in the world's largest economy.

Asian bourses were also trading lower on Friday on concerns that the US 700-billion-dollar rescue package for the financial market may not be able to prevent the global economic downturn. (dpa)