The Sensex slipped into red deeper into red and is now down 173 points at 8,730. Earlier in the day, the index had rallied to a high of 9,183 in opening trades.
Mahindra & Mahindra has slumped 7% to Rs 279. SBI has tumbled 5% to Rs 1,089.
Reliance has plunged 4.4% to Rs 1,095. Sterlite and Ranbaxy have shed over 4% each to Rs 206 and Rs 205, respectively.
Reliance Communications has slipped over 3% to Rs 199. ITC and TCS have shed 2.7% each at Rs 167 and Rs 507, respectively.
Larsen & Toubro and Tata Steel have dropped 2.3% each to Rs 741 and Rs 152, respectively. Jaiprakash Associates has declined 2% to Rs 56.
Satym has gained 2.3% at Rs 235. Hindalco has advanced over 1% to Rs 52.
The market breadth has turned negative - out of 2,458 stocks traded so far, 1,309 have advanced, 1,054 have declined and the rest are unchanged.