What is the maximum loss on an option I have bought?

The maximum loss for an option BUYER is always limited to the premium paid. If you paid ₹50 for an option and it expires worthless, you lose only ₹50 per share (×lot size).

This is the key advantage of buying options vs futures — defined maximum risk. But remember, while the loss is capped, the probability of total loss is high for far OTM options near expiry.