The Sensex continues to drift lower and is now down 156 points at 8,658. Earlier in the day, the index had opened nearly flat at 8,804 - down 10 points, and thereafter, moved up to a high of 8,859.
Mahindra & Mahindra (M&M) has slumped 9.5% to Rs 260, and Jaiprakash Associates has plunged 9% to Rs 60.
SBI and Tata Steel have dropped over 4.5% each to Rs 1,038 and Rs 171, respectively.
Hindalco, Sun Pharma and Tata Power have shed 3.5% each at Rs 42, Rs 1,064 and Rs 690, respectivley.
BHEL has slipped 3.3% to Rs 1,322. Hindustan Unilever, Reliance Communications and Larsen & Toubro have declined over 3% each to Rs 246, Rs 163 and Rs 644, respectively.
Tata Motors has gained 2.5% at Rs 136, and ONGC is up 1% each at Rs 656.
The market breadth is fairly negative - out of 2,335 stocks traded so far, 1,595 have declined, 645 have advanced and 95 are unchanged.