The S&P BSE benchmark sensex tumbled by more than 200 points in the late morning trade on fresh selling mainly in Realty, Metal, Consumer Durable, Banking and Captial Goods sectors.
This is triggered by fall in the global markets coupled with depreciation of rupee value against the dollar.
Bharat Heavy Electricals (Bhel) extended Monday’s steep losses following the company’s weak Q1 results.
The rupee weakened against the dollar to record low of 61.51 per dollar in the late morning trade. It had hit record low of 61.21 against the dollar in intra-day deals on July 8 this year.
The sensex resumed lower at 19,127.10 and dropped further to 18,969.65 before quoting at 18,978.17 at 1040 hrs, showing a loss of 204.09 points, or 1.06 per cent from its last close.
The NSE 50-share Nifty also dropped by 67.25 points or 1.18 pct to 5,618.15 at 1040 hrs.
Major losers were Sterlite Ind (4.45 pct), Tata Steel (3.44 pct), Tata Power (3.23 pct), HDFC Bank (3.04 pct), BHEL (2.81 pct) and Bajaj Auto (2.27 pct).
Asian stocks fell in their early trade as stronger growth in American service industries fuelled speculation that the US Federal Reserve will soon be able to reduce economic stimulus.
Key benchmark indices in Hong Kong, China, Taiwan, Japan, Singapore, and South Korea dropped in a range of 0.16 pct to 1.64 pct.