Sensex down 300pts; HDFC Bank sheds 5%

The NSE Nifty is down 90 points at 3,949.

HDFC Bank has slumped over 5% to Rs 980.

Mahindra & Mahindra has tumbled 4.7% to Rs 521, and Bharti Airtel has shed 4.4% at Rs 705.

Ranbaxy has plunged over 4% to Rs 456. ICICI Bank and ITC have dropped 3.5% each to Rs 560 and Rs 163, respectively.

SBI and Ambuja Cements have declined 3.3% each to Rs 1,217 and Rs 80, respectively.

HDFC, ACC, Hindustan Unilever, Reliance Communications and Maruti are down around 3% each.