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A benchmark index for Indian equities, Sensex fell further into the red a little after noon on Wednesday and was 335 points below its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,708.6 points, was at 16,432.74 points, down 347.42 points or 2.07% from its previous close at 16,780.46 points.
It is said that banking majors ICICI and SBI were the main contributors to the Sensex's drag.
At 12.23 p.m., at the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was at 4,893.35 points, against the previous close at 5,007.9 points, which is a loss of 2.29%.
Broader markets were also hit by selling pressure, with the BSE midcap index down 2.23% and the BSE small cap index trading 2.7% lower.
Earlier, the top losers were M&M, Hero Honda, Tata Motors and ICICI Bank that lost 4.23%, 4.14%, 4.21% and 3.59% respectively.
During the opening hours, most other Asian markets also plunged where the benchmark Japanese index, Nikkei, traded 0.37% lower at 10,287.11 points, and the Korean Kospi was 0.4% down at 1,630.77 points.
