Sensex down 97pts at 11,738

The Sensex is now down 97 points at 11,738.

Earlier in the day, the Sensex slumped to a low of 11,345 - down 490 points in early trades following Sebi's order on the IPO scam. However, it recovered most of its losses and touched a high of 11,803.

Cipla has plunged 4.7% to Rs 248. Hindalco has dropped 3.7% to Rs 209, and Tata Steel has declined over 3% to Rs 619.

Grasim has shed 2.7% to Rs 2,302. Wipro has slipped 2.6% to Rs 530, and Satyam is down 2.4% at Rs 748.

NTPC has surged 2.7% to Rs 133. Maruti has gained 1.6% at Rs 913, and ACC has moved up 1.3% to Rs 945.

Out of 2,476 stocks traded so far, 1,607 have declined, 815 have advanced and 54 are unchanged.