Sensex drops 409pts; breadth very -ve

The Sensex is now down 409 points at 12,574.

Tata Motors has dropped 5.5% to Rs 731. ICICI Bank has plunged nearly 5% to Rs 835.

Maruti, Infosys, Gujarat Ambuja and Wipro have slipped over 4% each to Rs 771, Rs 2,020, Rs 102 and Rs 559, respectively.

HLL has shed 3.7% to Rs 175. ACC, Tata Steel and ONGC have dropped 3.5% each to Rs 723, Rs 429 and Rs 780, respectively.

The market breadth is extremely negative - out of 1,909 stocks traded so far, 1,511 have declined, 367 advanced and 31 are unchanged.