Sensex down 347pts; ICICI Bank slumps 7%

The Sensex has slipped deeper into red and is now down 347 points at 16,331.

The NSE Nifty is down 99 points at 4,854.

ICICI Bank has slumped 7.5% to Rs 947. HDFC Bank has plunged 4.6% to Rs 1,326, and SBI has slipped 1.7% to Rs 1,890.

DLF has tumbled 5% to Rs 680. ACC has shed 4.3% to Rs 752.

Reliance Communications and Larsen & Toubro have dropped over 3% each to Rs 524 and Rs 3,240, respectively.

Cipla, Infosys, Bharti Airtel and BHEL are the other major losers.

HDFC has moved up 2.3% to Rs 2,630.

Maruti has rallied 1.7% to Rs 890. Mahindra & Mahindra has advanced 1.3% to Rs 693, and Tata Motors has added 1% to Rs 701.

TCS has gained 1.5% at Rs 857.

Out of 2,464 stocks traded so far, 2,038 have declined, 395 have advanced and 31 are unchanged.