The Sensex has recovered marginally from the day's low of 8,994, and is now down 288 points at 9,017.
Tata Steel has slumped 6.5% to Rs 172, and ICICI Bank has plunged nearly 6% to Rs 385.
DLF, Mahindra & Mahindra and Hindalco have tumbled around 5% each to Rs 148, Rs 299 and Rs 42, respectively.
Reliance Communications has shed 4.5% at Rs 164. HDFC and Tata Power have dropped 4% each to Rs 1,439 and Rs 746, respectively.
Sterlite, Tata Motors, Reliance and HDFC Bank are down nearly 4% each.
The market breadth is very negative - out of 2,447 stocks traded so far, 1,750 declined, 598 advanced and the rest were unchanged.
