The Sensex has slipped back to lower levels and is now down 237 points at 13,310.
ICICI Bank has plunged over 4% to Rs 572. HDFC has slumped 3.5% to Rs 2,088, and TCS has shed 3% at Rs 669.
Reliance Communications, ONGC and Tata Steel have dropped around 2.5% each to Rs 356, Rs 1,044 and Rs 473, respectively.
BHEL, SBI and HDFC Bank have also declined around 2.5% each to Rs 1,593, Rs 1,458 and Rs 1,267, respectively.
Ranbaxy, Mahindra & Mahindra and Tata Motors have slipped 2.3% each to Rs 289, Rs 546 and Rs 375, respectively.
Sterlite, Infosys and NTPC are down 2% each at Rs 467, Rs 1,475 and Rs 176, respectively.
Jaiprakash Associates has moved up 1.7% to Rs 126, and Hindustan Unilever has advanced over 1% to Rs 253.