The Sensex has slipped back to lower levels and is now down 312 points at 8,527.
Mahindra & Mahindra has tumbled over 8% to Rs 250. TCS has slumped nearly 7% to Rs 526.
Reliance, Maruti and HDFC have plunged over 6% each to Rs 1,040, Rs 456 and Rs 1,351, respectively.
Sterlite and Reliance Communications have shed 5.5% each at Rs 226 and Rs 186, respectively.
Satyam and ONGC have slipped 4.7% each to Rs 225 and Rs 650, respectively.
Larsen & Toubro, SBI and Wipro have declined around 4.5% each to Rs 672, Rs 1,009 and Rs 224, respectively.
HDFC Bank, Infosys and DLF are down over 4% each at Rs 861, Rs 1,181 and Rs 171, respectively.
Out of 1,993 stocks traded so far, 1,417 have declined, 505 have advanced and 71 are unchanged.