The NSE Nifty is down 121 points at 4,595.
HDFC Bank has tumbled 6% to Rs 1,205, and Tata Steel has plunged 5.7% at Rs 813.
Tata Motors, BHEL and Ambuja Cements have declined 5.5% each to Rs 539, Rs 1,463 and Rs 87, respectively.
Reliance Infrastructure and Maruti have slipped 5.3% each to Rs 1,065 and Rs 744, respectively.
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DLF is down 4.7% at Rs 555, and Bharti Airtel has dropped 4.6% to Rs 802.
Jaiprakash Associates has lost 4.3% to Rs 198. SBI, Reliance and Mahindra & Mahindra have dipped around 4% each at Rs 1,328, Rs 2,312 and Rs 568, respectively.
Hindalco has slipped 3.7% to Rs 177. TCS has declined 3.4% to Rs 945.
Infosys and Larsen & Toubro are down 3.4% each to Rs 1,857 and Rs 2,752, respectively.
Reliance Communications has shed 3% at Rs 536.
ONGC has gained 5% at Rs 885.
The market breadth is negative - out of 2,692 stocks traded so far, 1,979 have declined, 644 have advanced and the rest are unchanged.