The Sensex has slipped further into the red and is now at 14,181, down 731 points.
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Updated at 1341Hrs:
The Sensex is off the day's low at 14,307 down 605 points.
The BSE Bankex index has plummeted 6.5% to 7,910 while the FMCG index is up 1.5% at 2,325.
Reliance Infrastructure has plunged 7.5% to Rs 1,194.
HDFC, ICICI Bank and Tata Steel have dropped over 7% each to Rs 2,395, Rs 699 and Rs 407, respectively.
Reliance Communication and SBI have declined around 6.5% to Rs 273 and Rs 1,695, respectively.
HDFC, Jaiprakash Associates, Sterlite, DLF, Hindalco, NTPC and ONGC are down 4-5.5% each.
ITC on the other hand has added 4% to Rs 199.
The market breadth is extremely negative, out of 2,396 shares traded, 1,725 shares have declined and 703 have advanced sop far on the BSE.