Mumbai: Equity benchmark indices tumbled sharply in the opening hours on Monday following weakness in global markets.
The downturn was led by heavyweights like Reliance, ICICI Bank and HDFC Bank.
At 11:15 am, the BSE S&P Sensex was down 382 points at 37,783 while the NSE Nifty 50 slipped 106 points at 11,351.
Shares of Hindalco, JSW Steel, and Kotak Mahindra Bank traded lower on the National Stock Exchange.
Tata Motors slipped 2 percent after reports that the company will increase prices of its passenger vehicles from April.
The Nifty PSU Bank index was down over 1.5 percent followed by reality, financial and IT stocks.
However, Indian Oil, ONGC, Bharat Petroleum, and NTPC traded marginally higher.
Meanwhile, all Asian stocks were in the red amid heightened concerns over the global economy, after cautious remarks by the US Federal Reserve sent 10-year treasury yields to low levels.
The uncertainty surrounding Brexit also kept markets nervous. British Prime Minister Theresa May is trying her best to get the deal cleared by the British Parliament.