Sensex down 733pts; SBI tumbles 7%

The Sensex opened with a negative gap of 350 points at 18,012, and is now down 733 points at 17,628.

SBI has tumbled nearly 7% to Rs 2,240. HDFC Bank and Reliance have plunged 6.3% each to Rs 1,500 and Rs 2,445, respectively.

Bharti Airtel and Mahindra & Mahindra have slumped around 6% each to Rs 860 and Rs 635, respectively.

NTPC has shed 5.5% at Rs 210.

BHEL, Reliance Communications, Tata Steel, Ranbaxy, Hindalco and Bajaj Auto are the other major losers down around 6% each.