The Sensex is now down 165 points to 14,480.
Maruti has tumbled 5% to Rs 610, and ACC has slumped 4.5% to Rs 568.
HDFC and Sterlite have plunged 3% each to Rs 2,287 and rs 593, respectively.
Reliance Communications has shed 2.7% at Rs 401. Satyam, Mahindra & Mahindra and Bharti Airtel have slipped over 2% each to Rs 410, Rs 556 and Rs 790, respectively.
DLF has dropped nearly 2% to Rs 491. SBI, Tata Motors and BHEL are down 1.5% each at Rs 1,436, Rs 419 and Rs 1,672, respectively.
Out of 2,443 stocks traded so far, 1,498 have declined, 856 have advanced and the rest are unchanged.