The Sensex is now down 428 points at 9,693.
Tata Steel and Tata Motors have slumped around 14% each to Rs 186 and Rs 156, respectively.
Sterlite has plunged 10.5% to Rs 240. Hindalco has shed 7.7% at Rs 57.
Bharti Airtel has tumbled over 8% to Rs 628. Reliance has dropped 7.5% to Rs 1,174.
ICICI Bank and Reliance Infrastructure have slipped over 5.5% each to Rs 426 and Rs 492, respectively.
HDFC Bank, Tata Power and SBI have declined around 5% each to Rs 1,038, Rs 707 and Rs 1,212, respectively.
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Infosys, Grasim and HDFC are down over 4% each at Rs 1,265, Rs 1,005 and Rs 1,675, respectively.
Ranbaxy has surged 3.5% to Rs 216.
The market breadth is fairly negative - out of 2,419 stocks traded so far, 1,738 have declined, 610 have advanced and the rest are unchanged.