BSE Sensex had plunged over 1,300 points to around 73,000, while the Nifty 50 dropped nearly 400 points, slipping toward 23,700 in early trade.
Heavyweights like Tata Steel, State Bank of India and JSW Steel also contributed to the downward pressure. The selloff was led by the Nifty Metal Index. Key players like Hindustan Copper and Hindustan Zinc were among the top losers.
Banking stocks under strain as the Nifty Bank Index fell over 1,200 points, slipping toward 52,200. Sentiment was weighed down by ongoing concerns around HDFC Bank.
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