Weakness persists, ICICI Bank slips 8%

The Nifty is down 167 points at 3,926.

Reliance Infrastruture has slumped 10.3% to Rs 709. Tata Steel has plunged 9.3% to Rs 672.

ICICI Bank has tumbled 8% to Rs 573. DFL has shed 7.6% at Rs 392, and HDFC has slipped nearly 7% to Rs 1,900.

Grasim, TCS and Reliance Communications have dropped 5.3% each to Rs 1,680, Rs 832 and Rs 396, repsectively.

Tata Motors and Ambuja Cements have declined 5% each to Rs 392 and Rs 72, respectively.

Bharti Airtel and Jaiprakash Associates are down 4.8% each at Rs 709 and Rs 138, respectively.

The market breadth is fairly negative - out of 2,320 stocks traded so far, 1,679 have declined, 588 have advanced and 53 are unchanged.