Equity benchmark Sensex plummeted over 1,500 points in opening trade on Monday dragged by selloff in index-heavyweights HDFC twins, ICICI Bank, TCS and Infosys amid negative cues from global markets.
The 30-share index was trading 1,513.68 points or 4.49 per cent lower at 32,203.94, and the NSE Nifty plunged 425.70 points, or 4.32 per cent, to 9,434.20.
ICICI Bank was the top laggard in the Sensex pack, sinking over 8 per cent, followed by IndusInd Bank, Tata Steel, Bajaj Finance, Tech Mahindra, HDFC and HDFC Bank.
Shares of Reliance Industries fell over 1 per cent after the oil-to-telecom conglomerate on Thursday posted its biggest ever drop in quarterly net profit. Its net profit in January-March slipped 37 per cent to Rs 6,546 crore, the lowest in three years.
Meanwhile, earlier in the day, Silver Lake - one of the world's largest tech investors - agreed to invest Rs 5,655.75 crore to buy a 1.15 per cent stake in Jio Platforms.
Sun Pharma was the sole gainer in the BSE index.
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In the previous session, the BSE barometer settled 997.46 points or 3.05 per cent higher at 33,717.62, while the Nifty soared 306.55 points, or 3.21 per cent, to 9,859.90.
Market remained closed on Friday for Maharashtra Day'.
Foreign portfolio investors were net buyers in the capital market on Thursday, as they purchased equity shares worth Rs 1,968.80 crore, according to provisional exchange data.
The government on Friday extended the nationwide lockdown till May 17.
According to analysts, the market has realised that the cascading effect of the restrictions on the domestic economy and corporate earnings is much more than anticipated.
Besides, selloff in other Asian equities too spooked investors, traders said.
Bourses in Hong Kong and Seoul were trading significantly lower, while those in Shanghai and Tokyo were closed for a holiday.
International oil benchmark Brent crude futures were trading flat at USD 26.41 per barrel.
Meanwhile, global tally of coronavirus infections was over 35 lakh, with around 2.47 lakh deaths.
The death toll due to COVID-19 in India rose to 1,373 and the number of cases climbed to 42,533 in the country, according to the health ministry.