Sensex crashes, down 700pts

The Sensex has slipped into negative terrain. The BSE-30 index is now at 14,307, down 605 points.

ONGC and ICICI Bank have declined 5.5% each at Rs 1,073 and Rs 713, respectively.

Tata Steel and Reliance Infrastructure have slipped 4.5% each to Rs 417 and Rs 1,232, respectively.

SBI has shed over 4% to Rs 1,732.

Hindalco, Jaiprakash Associates and Grasim are down 3.5% each at Rs 81, Rs 206 and Rs 2,325, respectively.

The market breadth is fairly negative - out of 2,365 shares traded, 1,515 have declined and 782 have advanced.