Sensex down 314pts; bank stocks plunge

The Sensex opened with a negative gap of 260 points to 12,812, and then tumbled to a low of 12,707.

The index is now down 314 points to 12,758.

All index stocks are in negative zone.

SBI and ICICI Bank have slumped 5.5% each to Rs 937 and Rs 807, respectively. HDFC Bank has plunged 4.5% to Rs 907.

Bajaj Auto and Tata Motors have tumbled 4% each to Rs 2,325 and Rs 699, respectively. Maruti has slipped 3.8% to Rs 800, and Hero Honda has shed 3.3% to Rs 663.

Larsen & Toubro and HDFC have dropped around 3% each to Rs 1,568 and Rs 1,476, respectively. ONGC has declined 2.5% to Rs 856.