Sensex down 637pts; Ranbaxy surges 4%

The Sensex is now down 637 points at 10,691.

ICICI Bank has slumped over 17% to Rs 376. Reliance Infrastructure has tumbled 15.7% to Rs 538.

Reliance Communications has plunged nearly 14% to Rs 259. Tata Steel has shed 11.7% to Rs 298. Jaiprakash Associates has dropped 10% to Rs 82.

Larsen & Toubro has cracked 7.6% to Rs 893. Hindalco is down over 7% to Rs 84.

Grasim, Reliance and Wipro have slipped around 6% each to Rs 1,479, Rs 1,549 and Rs 266, respectively.

Hindustan Unilever and Satyam have declined 5.5% each to Rs 225 and Rs 250, respectively.

BHEL, DLF, Bharti Airtel, HDFC Bank, NTPC, ACC and HDFC are down around 6% each.

Ranbaxy has surged over 4% to Rs 291, and SBI has rallied over 3% to Rs 1,364.

The market breadth is extremely negative - out of 2,570 stocks traded so far, 2,196 have declined, 336 have advanced and 38 are unchanged.