Sensex drops 491pts; Metal index slumps 7%

The Sensex opened with a negative gap of 54 points at 12,164. A fresh round of selling in the late morning deals saw the index slide to a low of 11,618 - down 600 points from the previous close.

The index is now down 491 points at 11,727.

The BSE Meatal index has slumped 7.4% to 9,614.

Hindalco has dropped nearly 9% to Rs 199. Tata Steel has tumbled 5.5% to Rs 578.

Tata Motors and Maruti have plunged over 6% each to Rs 903 and Rs 853, respectively.

ACC and Gujarat Ambuja have shed nearly 6% each to Rs 855 and Rs 103, respectively. Grasim has dropped 5% at Rs 2,065.

Reliance is down 4.5% at Rs 1,038.

Out of 2,436 stocks traded so far, 2,023 have declined, 382 have advanced and 31 are unchanged.