The NSE Nifty is down 79 points at 4,083.
The BSE IT index has dropped nearly 4% to 4,027.
Jaiprakash (JP) Associates has slumped 6.8% to Rs 159.
Satyam has plunged over 6% to Rs 450. TCS has shed 5.6% at Rs 820, and Infosys has tumbled 4.7% to Rs 1,721. Wipro is down over 3% at Rs 417.
Larsen & Toubro has dropped 4.6% to Rs 2,415. Reliance Infrastructure has slipped 4% to Rs 821.
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HDFC, ICICI Bank and BHEL have declined over 3.5% each to Rs 2,040, Rs 595 and Rs 1,510, respectively.
Ambuja Cements has gained 1.8% to Rs 80.
The market breadth is fairly negative - out of 2,515 stocks traded, 1,443 have declined, 986 have advanced and 86 are unchanged.