Sensex drops nearly 300pts, SBI down 2%

The Sensex has slumped 295 points to 20,081.

Bharti is down nearly 6% at Rs 992.

ICICI Bank has dropped 4% to Rs 1,237.

SBI has declined nearly 2% to Rs 2,397.

Reliance is down 1.5% at Rs 2,845.

Maruti, Ambuja Cement, NTPC, Satyam and BHEL are down 2% each.

ITC, Tata Steel, Cipla and HDFC are trading with gains.