Reuters Market Eye - The Sensex and the Nifty both fall around 2 percent. The benchmark heads towards the seventh session of decline in eight after marking its lowest intraday level since Oct. 29.
Falls tracking rupee's decline to 13-month low after a sharp rate hike in Russia raised global growth concerns.
Blue-chips decline: ICICI Bank falls over 4 percent and Sesa Sterlite slumps more than 7 percent.
Sliding oil prices and a downbeat China factory survey also weighed on Asian shares.
India's trade deficit widened to an 18-month high of $16.86 bln in Nov.
Overseas investors sold shares worth of 4.56 bln rupees ($72.6 mln) on Monday - NSE.
($1 = 62.8000 rupees)
(Reporting by Abhishek Vishnoi)