Sri Lankan shares fell nearly 2% on Tuesday, weighed by industrials and financials, as the country ended a fuel duopoly to ease shortages amid its worst economic crisis in decades.

Sri Lanka will allow companies from oil-producing countries to import and sell fuel, the power and energy minister said on Tuesday.

* The CSE All-Share index closed 1.87% lower at 7,312.66, falling for a second consecutive session.

* Sri Lanka is currently facing its worst economic crisis in seven decades, unable to pay for essential imports such as fuel and medicine due to a severe shortage of foreign exchange.

* The island nation is also facing the possibility of running out of staples, especially rice, partly due to a fall in production because of a now-reversed ban on chemical fertiliser last year.

* On the CSE All-Share index, trading volume fell to 43.8 million shares from 56.2 million shares in the previous session.

* The equity market turnover was 815.3 million Sri Lankan rupees ($2.29 million), according to exchange data.

* Foreign investors were net buyers in the equity market, purchasing 27.7 million rupees worth of shares, while domestic investors were net sellers, offloading 808.1 million rupees worth of shares, according to exchange data.

* For a report on global markets, click ($1 = 356.0000 Sri Lankan rupees) (Reporting by Nallur Sethuraman in Bengaluru; Editing by Krishna Chandra Eluri)