Benchmark indices faced severe drubbing on Friday, with the Sensex and Nifty falling nearly 2% each amid feeble global market trends.
Foreign fund outflows and fears of recession in the global economy have dented investor sentiments.
Falling for the third day in a row, the 30-share BSE Sensex tanked 1,093.22 points or 1.82% to settle at 58,840.79. During the day, it tumbled 1,246.84 points or 2% to 58,687.17.
The NSE Nifty declined 346.55 points or 1.94% to close at 17,530.85.
From the Sensex pack, Tech Mahindra and UltraTech Cement fell over 4% each, emerging as the major laggards.
Among others to settle in the negative territory were Infosys, Mahindra & Mahindra, Wipro, TCS, Nestle and Reliance Industries.
IndusInd Bank emerged as the only gainer.
Elsewhere in Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong ended lower.
European bourses were mostly quoting in the negative territory. The U.S. markets had ended lower on Thursday.
Meanwhile, the international oil benchmark Brent crude climbed 0.32% to $91.13 per barrel.
Foreign institutional investors offloaded shares worth a net ₹1,270.68 crore in the domestic market on Thursday, according to data available with the BSE.