The Sensex touched a low of 9,001, and is now down 356 points at 9,030.
Sterlite has slumped 7.5% to Rs 210. HDFC Bank have tumbled 7% to Rs 941, and ICICI Bank has plunged 6.3% to Rs 371.
Tata Steel, DLF and Hindalco have dropped nearly 6% each to Rs 163, Rs 227 and Rs 53, respectively.
Reliance Infrastructure has shed 5.5% at Rs 489. HDFC has slipped almost 5% to Rs 1,482.
Satyam, Reliance and Tata Power have declined around 4.5% each to Rs 250, Rs 1,096 and Rs 713, respectively.
Jaiprakash Associates and Reliance Communications are down over 4% each at Rs 70 and Rs 211, respectively.
The market breadth is fairly negative - out of 2,149 stocks traded so far, 1,682 have declined, 409 have advanced and the rest are unchanged.