Equity benchmark indices opened with a flat note on Monday but slipped into the negative zone minutes after trading kickstarted amid many gloomy corporate results for third quarter.
At 11:00 am, the Sensex was down 190 points at 35,619 while the Nifty slipped 59 points to 10,665.
Asian Paints, Bajaj Finserve and HCL Tech were down by over 2 per cent while Yes Bank slipped 1.96 per cent after it received a warning from the Reserve Bank of India (RBI) that the lender may face regulatory actions for violating a confidentiality clause by disclosing a nil divergence report.
Tech Mahindra, Dr Reddy Labs, Tata Steel, and Vedanta were trading marginally higher.
In currency markets, the Indian rupee opened lower by 8 paise at 71.31 against the US dollar amid a rise in crude oil prices.
Meanwhile, Asian stock markets were trading higher with trade talks between the United States and China scheduled for this week in Washington after a series of high-level meetings in Beijing concluded last week.
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