The NSE Nifty is down 90 points at 4,343.
ICICI Bank has slumped 7.5% to Rs 673, and HDFC Bank has tumbled 6.7% to Rs 1,133.
Reliance and HDFC have plunged 5.3% each to Rs 2,185 and Rs 2,228, respectively.
Reliance Infrastructure, DLF and Jaiprakash Associates have shed nearly 4% each to Rs 987, Rs 488 and Rs 165, respectively.
SBI has dropped 2.7% to Rs 1,439. Larsen & Toubro and Ambuja Cements have slipped 2.3% each to Rs 2,647 and Rs 81, respectively.
Grasim, Maruti, Tata Motors and ITC are down around 2% each at Rs 1,790, Rs 605, Rs 431 and Rs 186, respectively.
Satyam and Wipro have moved up around 1.4% each to Rs 375 and Rs 413, respectively.
