Sensex slips 237pts; bank stocks drag

The Sensex is now down 237 points at 13,854.

SBI has tumbled over 6% to Rs 1,101. ICICI Bank has shed 5.5% to Rs 901, and HDFC Bank has dropped 4% to Rs 1,031.

Maruti and Grasim have tumbled 4% each to Rs 855 and Rs 2,640, respectively. Tata Motors and HLL have slipped around 2% each to Rs 847 and Rs 197, respectively.

Bajaj Auto, Dr.Reddy's, NTPC, HDFC and Larsen & Toubro are the other major losers.

Tata Steel has spurted 1% to Rs 437.

The market breadth is extremely negative - out of 1,953 stocks traded, 1,505 have declined, 419 have advanced and 29 are unchanged.