The Sensex is now down 324 points at 12,731.
Sterlite has slumped 8% to Rs 395, and Tata Steel has plunged 6.8% to Rs 409.
ICICI Bank and Reliance have tumbled around 5.5% each to Rs 521 and Rs 1,806, respectively.
Infosys has shed 3.5% at Rs 1,404. Tata Motors has dropped 3% to Rs 329.
Satyam and Bharti Airtel have slipped 2.7% each to Rs 310 and Rs 769, respectively.
Larsen & Toubro and Reliance Communications have declined 2.5% each to Rs 1,184 and Rs 335, respectively.
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Tata Power, Reliance Infrastructure and Maruti are down over 2% each to Rs 925, Rs 764 and Rs 684, respectively.
Ranbaxy has soared 8% to Rs 272. Mahindra & Mahindra has rallied 2% to Rs 517.
NTPC and DLD are up around 1.5% each at Rs 176 and Rs 350, respectively.
Out of 2,358 stocks traded so far, 1,539 have declined, 753 have advanced and 66 are unchanged.