Reuters Market Eye - The Sensex falls around 0.9 percent, while the Nifty loses 0.87 percent on media reports the government is unlikely to go ahead with a much anticipated hike in diesel prices in the near term.
The rupees falls to its lowest in a month to the dollar, adding to the negative sentiment.
Asian shares are hit hard by deepening worries Spain would need a bailout, while Greece appeared unlikely to meet conditions of its aid package.
State-run oil stocks are hit, with Oil & Natural Gas down 1.1 percent.
Blue chips hit across the board. Tata Motors falls 1.8 percent, while Larsen & Toubro is down 1.1 percent.
Hindustan Unilever shares lose 2 percent on profit-taking a day after it hit a record high.
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