The Sensex had tumbled to a low of 11,621 but has partially recovered and is now down 190 points at 11,686.
Reliance Communications has slumped 5% to Rs 218. DLF and SBI have shed 4.5% at Rs 229 and Rs 1,268, respectively.
Jaiprakash Associates, BHEL and Tata Motors have dropped 4% each to Rs 136, Rs 1,582 and Rs 258, respectively.
Grasim, Tata Steel, Ranbaxy, Larsen & Toubro and Hindalco have declined 3% each.
Bharti Airtel, Hindustan Unilever, ACC, Wipro, HDFC, Reliance and TCS are the other major losers.
However, Mahindra & Mahindra has advanced 1.5% to Rs 502.
The market breadth continues to be fairly negative. Out of 2,533 stocks traded, 1,583 have declined and 854 have advanced.
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