The Sensex is now down 429 points at 12,627.
Tata Steel has slumped 8.5% to Rs 401. ICICI Bank has tumbled over 8% to Rs 507.
Sterlite has shed 7% at Rs 399. Reliance has dropped over 5.5% to Rs 1,800.
Tata Power has plunged over 5% to Rs 898. Bharti Airtel has shed 4.3% at Rs 756.
Infosys, Larsen & Toubro, HDFC and Reliance Infrastructure have declined around 3% each to Rs 1,406, Rs 1,179, Rs 2,136 and Rs 756, respectively.
DLF and Reliance Communications have slipped 2.8% each to Rs 336 and Rs 334, respectively.
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TCS, Tata Motors, Wipro and Maruti are down around 2% each.
Ranbaxy has soared over 6% to Rs 267. Mahindra & Mahindra has rallied nearly 2% to Rs 516.
Out of 2,571 stocks traded so far, 1,782 have declined, 730 have advanced and the rest are unchanged.