The NSE Nifty is down 81 points at 4,353.
ICICI Bank has plunged over 6% to Rs 681. HDFC Bank has tumbled 4.5% to Rs 1,160.
Reliance and HDFC have dropped around 4% each to Rs 2,211 and Rs 2,265, respectively.
SBI has shed 3.5% at Rs 1,427. ACC has slipped 3.3% to Rs 542.
More From This Section
BHEL, Jaiprakash Associates and Larsen & Toubro are down 3% each to Rs 1,670, Rs 166 and Rs 2,629, respectively.
Wipro has rallied nearly 2% to Rs 415, and Satyam has gained 1.7% at Rs 376.
Hindalco and TCS have moved up 1.5% each to Rs 154 and Rs 815, respectively.