The Sensex opened with a negative gap of 263 points at 14,086. The index is now down 274 points at 14,075.
The NSE Nifty is down 73 points at 4,259.
ICICI Bank has plunged 5.5% to Rs 627. Tata Motors has tumbled 3.3% to Rs 412.
HDFC Bank and HDFC have shed 2.8% each at Rs 1,095 and Rs 2,160, respectively.
Jaiprakash Associates, SBI, Reliance Communications and Reliance Infrastructure have slipped around 2.5% each to Rs 158, Rs 1,384, Rs 500 and Rs 964, respectively.
Ranbaxy, Maruti, DLF and ACC are down 2% each at Rs 484, Rs 598, Rs 490 and Rs 582, respectively.