The Sensex is now down 451 points at 9,597.
ICICI Bank and Jaiprakash Associates have slumped nearly 12% each to Rs 340 and Rs 79, respectively.
Reliance Infrastructure, Tata Steel and TCS have tumbled around 10% each to Rs 511, Rs 202 and Rs 520, respectively.
SBI has tumbled 9% to Rs 1,024. DLF has dropped 8.5% to Rs 167.
Hindalco has slipped over 8% to Rs 51. Reliance Communications a and HDFC have declined around 7.5% each to Rs 170 and Rs 1,471, respectively.
Tata Motors, Sterlite, HDFC Bank, BHEL, Wipro and Grasim are the other major losers.
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Sun Pharma and NTPC have advanced over 1% each to Rs 1,094 and Rs 184, respectively.
The market breadth is negative - out of 2,391 stocks traded, 1,430 have declined, 879 have advanced and 82 are unchanged.