NEW DELHI  Could the fast-growing Indian economy finally be slowing?

In its first day of trading Monday, shares of Reliance Power fell 17 percent below its offer price last month, when investors bought all available stock in the country’s largest public offering in less than a minute.

The Bombay Stock Exchange’s benchmark Sensex index also closed down 4.78 percent on Monday, the worst performer in major Asian markets.

Reliance Power’s disappointing market debut followed days of slower growth projections, higher-than-expected inflation figures and falling export data. Several initial public offerings have been withdrawn in India in the last few weeks as once-resilient investors rethink their commitment to India’s volatile stock markets.

In a sign that consumer spending may need a lift, the country’s largest bank, State Bank of India, cut its main lending rate a quarter of a point Monday, after similar moves by other big local banks.