The Sensex is now down 441 points at 13,908.
The NSE Nifty is down 119 points at 4,213.
ICICI Bank has slumped 6.7% to Rs 619. HDFC and HDFC Bank have tumbled over 5% each to Rs 2,102 and Rs 1,068, respectively.
Tata Motors, Larsen & Toubro and Maruti have shed 5% each at Rs 405, Rs 2,588 and Rs 581, respectively.
Mahindra & Mahindra, Reliance Communications and Reliance Infrastructure have slipped around 4% each to Rs 507, Rs 492 and Rs 949, respectively.
SBI and Hindalco have dropped 3.7% each to Rs 1,365 and Rs 141, respectively. Grasim has shed 3.5% at Rs 1,752.
Ranbaxy, Jaiprakash Associates and DLF have declined over 3% each to Rs 478, RS 157 and Rs 484, respectively.
Bharti Airtel, ONGC and ACC are down 3% each at Rs 771, Rs 982 and Rs 576, respectively.
Sterlite has moved up 1.4% to Rs 591.
