Sensex drops 187pts; bank stocks tumble

The Sensex is now down 187 points at 13,612.

SBI has plunged 4.5% to Rs 1,294. ICICI Bank has tumbled 4% to Rs 842, and HDFC Bank has shed 3% to Rs 1,054.

Tata Steel has dropped 3.7% to Rs 465. ACC and Reliance Communications have slipped around 2.5% each to Rs 1,077 and Rs 437, respectively.

Dr.Reddy's, Hindalco and Bharti Airtel are down over 2% each to Rs 759, Rs 176 and Rs 620, respectively.

Grasim, Gujarat Ambuja, Ranbaxy, NTPC and Larsen & Toubro are the other major losers.

Infosys has advanced 1.5% to Rs 2,230. Satyam is down over 1% at Rs 462.