The key Indian equity indices traded in the red on Monday afternoon, with the S&P BSE Sensex losing over 400 points and the Nifty down 140 points.
The sell-off was led by the banking and finance stocks, analysts said. Almost all other major sectoral indices traded lower so far in the day.
At 1.02 p.m., the NSE Nifty50 traded at 11,009.45 points, lower by 133.65 points or 1.20 per cent from the previous close.
The BSE Sensex, which had opened at 36,924.72 points, traded at 36,395.62 points, lower by 445.98 points or 1.21 per cent from the previous close of 36,841.60 points.
So far, it has touched an intra-day high of 36,945.50 points and a low of 36,239.57 points.
The top gainers on the Sensex were Tata Consultancy Services, Infosys, ONGC, Coal India, and NTPC, while the major losers were Mahindra and Mahindra, Maruti Suzuki, HDFC, Bharti Airtel and IndusInd Bank.