Sensex recovers, down 116pts

The Sensex is now down 116 points at 13,976. The index had plunged to a low of 13,817 in the opening trades.

ICICI Bank has shed 4.7% to Rs 909. HDFC Bank has dropped 4.5% to Rs 1,119, and SBI has slipped over 4% to Rs 1,026.

HDFC has declined 2% to Rs 1,690. Maruti, Bajaj Auto, Grasim, Ranbaxy and Tata Motors are the other prominent losers.

Hindalco has spurted 2% to Rs 145. Bharti Airtel has advanced over 1% to Rs 748.