After a higher start, the Sensex plunged by 719.96 points, or 3.81 per cent to 18,166.177 led by fall in Reliance Industries, ITC and HDFC shares.
All sectoral indices led by banking and consumer durable were in red.
The broad-based National Stock Exchange index Nifty dropped by 216.05 points, or 3.89 per cent, to 5,334.70 at 1500 hrs.
Brokers said the selling by foreign investors dragged down the rupee below 68 against the dollar.
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