Sensex down 305pts; Tata Steel slumps 7%

The Sensex opened with a negative gap of 228 points at 10,455 following negative cues from the global markets. The index is now down 305 points at 10,379.

Tata Steel has slumped 6.5% to Rs 260. Sterlite, ICICI Bank and Reliance Communications have plunged nearly 5% each to Rs 280, Rs 410 and Rs 246, respectively.

Grasim has shed 4.5% at Rs 1,156. Hindalco, Bharti Airtel and TCS have dropped around 4% each to Rs 62, Rs 695 and Rs 540, respectively.

Infosys, Tata Power and Satyam have slipped around 3.5% each to Rs 1,301, Rs 762 and Rs 307, respectively.

Reliance has tumbled over 3% to Rs 1,353. ONGC, Wipro, BHEL, Larsen & Toubro, Mahindra & Mahindra and NTPC are the other major losers.

ITC, however, has gained 3% at Rs 174.