The NSE Nifty is down 72 points at 4,361.
ICICI Bank has tumbled 7% to Rs 676. HDFC Bank has plunged 6.5% to Rs 1,136.
Reliance and HDFC have dropped around 4.5% each to Rs 2,204 and Rs 2,254, respectively.
Jaiprakash Associates and SBI have shed 3% each at Rs 166 and Rs 1,434, respectively. BHEL has slipped 2.8% to Rs 1,676.
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Grasim, Larsen & Toubro and DLF have declined arond 2.5% each to Rs 1,785, Rs 2,645 and Rs 495, respectively.
Ambuja Cements, ACC And Tata Motors are down around 2% eacg at Rs 81, Rs 549 and Rs 431, respectively.
Satyam has rallied 2% to Rs 377, and Wipro has gained 1.8% at Rs 415.
TCS, Hindalco, Reliance Communications and Cipla are up around 1.5% each at Rs 816, Rs 154, Rs 509 and Rs 235, respectively.