The Sensex has recovered partially from the day's low of 14,028, and is now down 215 points at 14,134.
The NSE Nifty is down 57 points at 4,275.
ICICI Bank and Reliance Communications have plunged 3% each to Rs 643 and Rs 497, respectively.
Tata Motors and HDFC have dropped 2.8% each to Rs 414 and Rs 2,159, respectively.
Ranbaxy and Reliance Infrastructure have slipped over 2.5% each to Rs 481 and Rs 962, respectively.
ACC, Bharti Airtel, Larsen & Toubro and Hindalco have shed around 2% each at Rs 581, Rs 779, Rs 2,670 and Rs 143, respectively.
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SBI, Jaiprakash Associates and Mahindra & Mahindra have declined 1.8% each to Rs 1,392, Rs 159 and Rs 520, respectively.
Maruti and HDFC Bank are down 1.7% each at Rs 600 and Rs 1,108, respectively.
DLF, Grasim and ITC are down around 1.5% each at Rs 492, Rs 1,790 and Rs 188, respectively.
Sterlite has gained 2% at Rs 594.