Reuters Market Eye - The BSE Sensex falls 1.2 percent to its lowest level since November 22, while the Nifty is down 1.1 percent, heading for a sixth day of falls in seven.
Blue chips extend falls on continued worries about emerging markets. ICICI Bank falls 2.8 percent while Tata Motors Ltd is down 3.5 percent.
Telecom shares fall ahead of the mobile spectrum auction. Bharti Airtel Ltd falls 3.3 percent while Idea Cellular Ltd drops 2.1 percent.
Also weighing on sentiment, overseas investors sold Indian shares worth $104.2 million on Friday, provisional exchange data shows.
(Reporting by Abhishek Vishnoi)
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