Sensex down 388pts; Bajaj, Tata Mot drop 6%

 Satyam and Hero Honda are down over 3.5% each to Rs 452 and Rs 661, respectively.

Ranbaxy has rebounded into the positive zone and is the sole gainer among the index stocks.

Out of 1,983 stocks traded so far, 1,382 have declined, 556 have advanced and 45 are unchanged.