Equity benchmark Sensex tanked 334 points on Wednesday, tracking heavy losses in index heavyweights Reliance Industries, ICICI Bank and L&T amid a weak trend in global markets.
The 30-share BSE index ended 333.93 points or 0.64% lower at 51,941.64. Similarly, the broader NSE Nifty slumped 104.75 points or 0.67% to 15,635.35.
L&T was the top loser in the Sensex pack, shedding around 2%, followed by Reliance Industries, Bajaj Finserv, IndusInd Bank, SBI, Maruti, Axis Bank and Bajaj Auto.
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On the other hand, PowerGrid, NTPC, Titan, HCL Tech and Asian Paints were among the gainers.
"Domestic equities fell sharply as selling pressure in financials, auto and RIL dragged indices down," said Binod Modi, Head - Strategy at Reliance Securities.
This was the steepest correction after May 12, he said, adding that all key sectoral indices witnessed selling pressure as investors preferred to book some amount of profit ahead of crucial CPI data in the US.
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Further, Asian markets also traded weak today mainly reacting on higher-than-expected jump in China's producer price index at 9% for May.
Elsewhere in Asia, bourses in Seoul, Tokyo and Hong Kong closed in the red, while Shanghai ended with gains.
Equities in Europe were also trading on a negative note in mid-session deals.
International oil benchmark Brent crude was trading 0.36% higher at $72.48 per barrel.