The Sensex has recovered marginally from the day's low of 8,316, and is now down 347 points 8,426.
HDFC and Tata Power have slumped over 8% each to Rs 1,252 and Rs 622, respectively.
Reliance Communications and ICICI Bank have tumbled nearly 8% each to Rs 183 and Rs 321, respectively.
HDFC Bank has shed 6.8% at Rs 827. Maruti, Jaiprakash Associates, DLF and Sterlite have plunged around 6% each to Rs 485, Rs 60, Rs 211 and Rs 205, respectively.
Reliance Infrastructure has slipped 5.7% to Rs 430. Wipro and Reliance have declined over 4.5% each to Rs 212 and Rs 1,082, respectively.
Infosys and Mahindra & Mahindra are down nearly 4% each to Rs 1,127 and Rs 292, respectively.
ACC, however, has gained 2% at Rs 410.
The market breadth is extremely negative - out of 2,365 stocks traded so far, 1,878 have declined, 431 have advanced and 56 are unchanged.
