The Sensex is now down 220 points at 11,064. Earlier in the day the index touched a high of 11,367 after opening at 11,358. The Sensex then dropped to the day's low of 11,052.
Tata Motors has slumped 7% to Rs 263. Ranbaxy has tumbled 5% to Rs 191. Tata Steel has plunged 3.5% to Rs 284.
Reliance, Reliance Infrastructure and Infosys have dropped over 2% each to Rs 1,783, Rs 694 and Rs 1,340, respectively.
Mahindra & Mahindra, Larsen & Toubro and ONGC have declined 2% each. Tata Power, HDFC Bank, Sterlite and BHEL have declined 1-2% each.
On the other hand, Sun Pharma has surged over 3% to Rs 1,242. Wipro has rallied 2% to Rs 275.
Maruti Suzuki and Hindustan Unilever have added 2% each to Rs 863 and Rs 240, respectively.
ACC, Grasim and TCS have also advanced marginally.
The market breadth has turned negative. Out of 2,509 stocks traded, 1,388 have declined, and 1,050 have advanced.