BOMBAY. Feb 1: Share prices in India crashed during the week as Prime Minister HD Deve Gowda backed out of a promise to announce more market reforms before leaving for a global economic summit in Davos, reports AFP.

At the Bombay Stock Exchange (BSE), the country's largest bourse, the 30-share BSE sensitive index fell 53.15 points over the week to close Friday at 3,382.47 points.

The 100-share national index fell 24.63 points and closed at 1.481.71 points.

Share prices have moved up sharply during the past month after the prime minister promised more reforms by the end of January. But the government later said there would be no announcement before the national budget on February 28.

On Thursday, the country's capital markets regulator announced the first set of rules for corporate takeovers, relaxed limits for foreign institutional investments arid introduced a stock lending scheme in a bid to revive the flagging stock markets.