Sensex down 586pts; Rel Energy slumps 11%

The Sensex is now down 586 points at 16,881.

The NSE Nifty is down 180 points at 4,940.

Reliance Energy has tumbled over 11% to Rs 1,740. Reliance has plunged 6.5% to Rs 2,263, and SBI has slumped 6% to Rs 2,060.

ONGC has shed 4.7% at Rs 950, and Larsen & Toubro has dropped 4.5% to 3,370.

Reliance Communications and HDFC have slipped over 4% each to Rs 619 and Rs 2,680, respectively.

HDFC Bank and Bharti Airtel have declined over 3.5% each to Rs 1,393 and Rs 850, respectively.

ICICI Bank and Tata Steel are down around 3% each at Rs 1,033 and Rs 728, respectively.

Satyam has soared 3.5% to Rs 424, and TCS has rallied 2.5% to Rs 922. Infosys has moved up nearly gained 2% to Rs 1,581.