The Sensex has drifted deeper into red and is now down 240 points at 8,802.
ICICI Bank has slumped 5% to Rs 344. Reliance Communications has plunged 4.6% to Rs 155.
Wipro and TCS have tumbled over 4% each to Rs 211 and Rs 470, respectively.
Reliance, DLF and Sterlite have shed 3.7% each at Rs 1,245, Rs 151 and Rs 247, respectively.
HDFC, Mahindra & Mahindra, Larsen & Toubro, Tata Steel and Tata Power have dropped around 3.5% each to Rs 1,343, Rs 280, Rs 619, Rs 167 and Rs 727, respectively.
Infosys and Reliance Infrastructure are down 3% each at Rs 1,171 and Rs 493, respectively.
The market breadth is very negative - out of 2,292 stocks traded so far, 1,560 have declined, 628 have advanced and the rest are unchanged.
