Sensex down 407pts; Wipro drops 4%

The Sensex is now down 407 points at 12,575.

Tata Motors has plunged 5% to Rs 734, and ICICI Bank has shed 4.7% to Rs 836.

Wipro, HLL and ONGC have tumbled around 4% each to Rs 557, Rs 174 and Rs 776, respectively. ACC has dropped 3.5% to Rs 724.

Infosys, Reliance Communications, Satyam and Tata Steel have dropped 3.3% each to Rs 2,035, Rs 403, Rs 437 and Rs 430, respectively.

Out of 2,196 stocks traded so far, 1,626 have declined, 530 have advanced and 40 are unchanged.