The Sensex is now down 176 points at 14,148.
Infosys has slumped 5% to Rs 1,660. Satyam and ICICI Bank have plunged over 3% each to Rs 408 and Rs 664, respectively.
HDFC has shed 2.7% at Rs 2,205. Reliance Infrastructure and DLF have tumbled 2.5% each to Rs 967 and Rs 474, respectively.
TCS and Mahindra & Mahindra have slipped over 2% each to Rs 817 and Rs 551, respectively.
Grasim, Reliance, Wipro and Jaiprakash Associates are down around 1.5% each.
BHEL and Maruti have surged 3.3% each to Rs 1,720 and Rs 702, respectively.
The market breadth is negative - out of 2,563 stocks traded so far, 1,451 have declined, 1,019 have advanced and the rest are unchanged.
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