The NSE Nifty is down 115 points at 4,600.
HDFC Bank has tumbled 6.4% to Rs 1,201, while Maruti has plunged 6.3% at Rs 737.
Tata Motors has slipped 4.9% to Rs 542. BHEL has declined 4.7% to Rs 1,475.
Tata Steel and Ambuja Cements have dipped 4.5% each to Rs 823 and Rs 88, respectively.
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Reliance Infrastructure has lost 4.2% at Rs 1,078. DLF and Mahindra & Mahindra have dropped 3.8% each to Rs 560 and Rs 571, respectively.
Infosys is down 3.3% to Rs 1,859. Reliance Communications has declined 3.2% at Rs 535.
Satyam, TCS and Jaiprakash Associates have shed 3.1% each at Rs 484, Rs 948 and Rs 200, respectively.
Larsen & Toubro, SBI and Ranbaxy are the other major losers.
ONGC is the only gainer among Sensex stocks, up 5.7% at Rs 890.
The market breadth is negative - out of 2,640 stocks traded so far, 1,829 have declined, 736 have advanced and the rest are unchanged.