The Sensex is now down 351 points 8,422.
ICICI Bank has slumped almost 11% to Rs 310, and Reliance Communications (RCom) has tumbled 9% to Rs 181.
Maruti, Sterlite and Tata Power have plunged around 8% each to Rs 474, Rs 200 and Rs 624, respectively.
Reliance Infrastructure, HDFC Bank and HDFC have shed around 7% each at Rs 423, Rs 823 and Rs 1,271, respectively.
Jaiprakash Associates and Reliance have slipped around 6% each to Rs 60 and Rs 1,065, respectively.
DFL has dropped 5.5% to Rs 212. Infoys, Tata Motors and BHEL have declined nearly 4% each to Rs 1,126, Rs 130 and Rs 1,185, respectively.
Bharti Airtel, Grasim and Mahindra & Mahindra are down over 3% each to Rs 591, Rs 900 and Rs 294, respectively.
The market breadth is extremely negative - out of 2,428 stocks traded so far, 1,904 have declined, 463 have advanced and the rest are unchanged.
