The Sensex has recovered partially from the day's low of 10,018, and is now down 514 points at 10,295.
Hindalco and Tata Motors have tumbled over 11% each to Rs 70 and Rs 251, respectively.
Reliance has slumped 10% to Rs 1,368. TCS and Mahindra & Mahindra have plunged 8.7% each to Rs 495 and Rs 442, respectively.
Tata Power and Larsen & Toubro have shed around 8% each at Rs 730 and Rs 824, respectively.
Jaiprakash Assocaites has dropped 7.5% to Rs 67. BHEL, Grasim and Wipro have slipped nearly 7% each to Rs 1,298, Rs 1,390 and Rs 258, respectively.
Infosys, Sterlite and Reliance Infrastructure have declined over 6% each to Rs 1,247, Rs 274 and Rs 522, respectively.
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Hindustan Unilever, however, continues to hold a gain of 2% at Rs 236.
The market breadth is extremely bearish - out of 2,461 stocks traded so far, 2,108 have declined, 301 have advanced and 52 are unchanged.