The Sensex is now down 535 points at 12,568.
ICICI Bank has tumbled nearly 13% to Rs 489, and Jaiprakash Associates has plunged over 12% to Rs 106.
DLF and Bharti Airtel have shed around 8% each at Rs 339 and Rs 715, respectively.
Ranbaxy, Reliance Infrastructure and Satyam have dropped nearly 7% each to Rs 254, Rs 792 and Rs 301, respectively.
Tata Motors and TCS have slipped around 5% each to Rs 354 and Rs 644, respectively. SBI has declined over 4.5% to Rs 1,368.
Sterlite, Reliance Communications and Tata Steel are down over 4% each to Rs 428, Rs 333 and Rs 443, respectively.
Hindustan Unilever has advanced nearly 2% to Rs 257.
The market breadth is extremely negative - out of 2,533 stocks traded so far, 2,233 have declined, 265 have advanced and the rest are unchanged.