Sensex drops over 500pts; Ranbaxy up 6%

The Sensex is now down 521 points at 12,534.

ICICI Bank and Tata Steel have slumped nearly 9% each to Rs 503 and Rs 400, respectively.

Sterlite has plunged 7.3% to Rs 398. Reliance has dropped over 6% to Rs 1,790.

Tata Power has shed 5.5% at Rs 894, and HDFC has dropped 5% to Rs 2,095.

Bharti Airtel has tumbled 4.5% to Rs 755. Infosys has slipped over 4% to Rs 1,394.

Larsen & Toubro and Reliance Infrastructure have shed 3% each at Rs 1,178 and Rs 758, respectively.

TCS, DLF and ONGC have declined over 2.5% each to Rs 653, Rs 336 and Rs 1,017, respectively.

Reliance Communications and Wipro are down 2.3% each at Rs 335 and Rs 341, respectively.

Ranbaxy has soared 6% to Rs 267. Mahindra & Mahindra has rallied 2% to Rs 517, and Hindustan Unilever has added 1% to Rs 257.

Out of 2,592 stocks traded so far, 1,844 have declined, 687 have advanced and 61 are unchanged.