Sensex down 260pts; RIL, Tata Steel down 3%

The Sensex is now down 260 points at 12,437.

Gujarat Ambuja has slumped over 10% to Rs 102, and ACC has crashed 8.6% to Rs 781. Grasim has dropped 6.3% to Rs 1,992.

Wipro has plunged 5.8% to Rs 547. Ranbaxy and Maruti have tumbled 4% each to Rs 309 and Rs 758, respectively.

Tata Steel and Reliance have dropped nearly 3% each to Rs 408 and Rs 1,263, respectively.

TCS, ICICI Bank and Infosys are down around 2.5% each.

Cipla has gained 1.5% at Rs 225, and Dr.Reddy's has spurted over 1% to Rs 628.

Out of 2,515 stocks traded so far, 2,041 have declined, 414 have advanced and 60 are unchanged.