Sensex down 122pts; Cipla down 5%

The Sensex is now down 122 points at 11,713.

Earlier in the day, the Sensex slumped to a low of 11,345 - down 490 points in early trades following Sebi's order on the IPO scam. However, it recovered most of its losses and touched a high of 11,803.

Cipla has plunged 5% to Rs 248. Hindalco has dropped 4.2% to Rs 208, and Tata Steel has declined 3.5% to Rs 617.

Grasim has shed 3.5% to Rs 2,285. Wipro has slipped over 3% to Rs 527.

Satyam, Reliance Energy, SBI,, Gujarat Ambuja and Tata Power are the other major losers.

NTPC has surged over 2% to Rs 132. Maruti has gained 1.6% at Rs 913.

ACC and Bharti Tele are up 1% each at Rs 945 and Rs 406, respectively.

Out of 2,454 stocks traded so far, 1,629 have declined, 775 have advanced and 50 are unchanged.