Sensex slumps 644pts in early trades

The Sensex opened with a huge negative gap of 416 points at 14,585 on the back of a sell-off in world markets. Equity markets across the globe witnessed heavy selling in the last two days triggered by the US credit concerns.

The Sensex is now down 644 points at 14,356.

All index stocks are in negative zone.

Bajaj Auto and Reliance Communications lead the fall with losses of around 5% each at Rs 2,260 and Rs 499, respectively.

Tata Motors, ICICI Bank, Tata Steel, ACC and Hindalco plunged around 4% each.

Most of the Asian indices are down 2-6% in morning trades.