The Sensex opened with a huge negative gap of 696 points at 10,632 on the back of negative cues from the global markets amid liquidity crunch as fears of a deeper US recession worries investors worldwide.
The index soon tumbled to a low of 10,240 - down 1,088 points (9.6%) - very close to its 10% lower circuit. The Sensex, however, has recovered smartly from the day's low and is now down 528 points at 10,800, mainly on account of a surprise 150 basis points cut in CRR by the RBI.
ICICI Bank has slumped 12.5% to Rs 397. Reliance Communications has tumbled 9.5% to Rs 272.
Reliance Infrastructure, Tata Steel and HDFC Bank have dropped over 9% each to Rs 580, Rs 307 and Rs 1,005, respectively.
Satyam has shed 8% at Rs 244, and Infosys has cracked 7.6% to Rs 1,159.
Reliance, HDFC, Bharti Airtel and Tata Power are down 7% each at Rs 1,531, Rs 1,754, Rs 682 and Rs 749, respectively.
Mahindra & Mahindra is up 1.5% at Rs 489.
