Sensex drops 284pts; bank stocks plunge

The Sensex is now down 284 points at 13,516.

ICICI Bank and SBI have plunged over 6.5% each to Rs 819 and Rs 1,264, respectively. HDFC Bank has shed 5% to Rs 1,031.

ACC and NTPC have tumbled 5% each to Rs 1,050 and Rs 144, respectively.

Tata Steel has dropped 4.6% to Rs 460. Tata Motors and Maruti have slipped 4% each to Rs 832 and Rs 896, respectively.

Reliance Communications has declined 3.6% to Rs 431, and Reliance Energy is down 3.3% at Rs 537.

Out of 2,477 stocks traded so far, 1,746 have declined, 674 have advanced and the rest are unchanged.