The Sensex is now down 172 points at 12,883.
Sterlite has slumped 7.7% to Rs 396, and Tata Steel has plunged 5.5% to Rs 415.
Reliance Communications has shed 4.5% at Rs 328. Reliance has tumbled 4% to Rs 1,831, and Infosys has dropped 3.8% to Rs 1,399.
Tata Motors, Satyam and TCS have slipped around 3% each to Rs 329, Rs 309 and Rs 652, respectively.
ICICI Bank has declined 2.5% to Rs 538. DLF, Grasim and Bharti Airtel are down 2% each at Rs 338, Rs 1,730 and Rs 775, respectively.
Ranbaxy has soared 6.3% to Rs 268. ITC has surged 2.5% to Rs 197.
Mahindra & Mahindra, BHEL and Hindustan Unilever are up around 1.5% each at Rs 515, Rs 1,614 and Rs 258, respectively.
The market breadth is fairly negative - out of 1,961 stocks traded so far, 1,149 have declined, 748 have advanced and 64 are unchanged.
