Indian benchmark indices are down over 1.5 percent each dragged by the Auto and the PSU Bank index. The major contributors to the fall are Maruti Suzuki and Punjab National Bank.
Nifty is down 197 points and is trading at 11,614 level while the Sensex plunged 627 points and is trading at 38,886 level.
Nifty PSU Bank tanked over 5 percent dragged by Punjab National Bank which crashed over 10 percent after it detected an alleged fraud of more than Rs 3,800 crore by Bhushan Power & Steel Ltd (BPSL) and reported it to the Reserve Bank of India (RBI). The other losers include Bank of India, Bank of Baroda, Union Bank of India, Canara Bank, IDBI Bank, State Bank of India and Syndicate Bank.
Nifty Auto slipped close to 3 percent dragged largely by Maruti Suzuki is is down over 3 percent which hit 2-year low. The company informed bourses that it has cut vehicle production for the fifth consecutive month in June.
The auto major said it slashed total vehicle production, including Super Carry LCV, by 15.6 percent last month to 1,11,917 units as compared to 1,32,616 units in the year-ago month.
The other losers include Hero MotoCorp, Eicher Motors, Bajaj Auto, Tata Motors, Motherson Sumi Systems, MRF and TVS Motor Company.
From the oil & gas space, the top losers are BPCL, HPCL, Indian Oil Corporation and ONGC.
The top losers from the real estate space are DLF, Godrej Properties, Oberoi Realty, Phoenix Mills and Indiabulls Real Estate.
The top gainers from NSE include YES Bank which jumped 5 percent followed by HCL Tech, Bharti Infratel, TCS and Tech Mahindra while the top losers are ONGC, Hero MotoCorp, Bajaj Finance, Indian Oil Corporation and State Bank of India.
India VIX jumped 3.14 percent and is trading at 13.48 levels.
The most active stocks are YES Bank, State Bank of India, Maruti Suzuki, and Larsen & Toubro.
Stocks to hit new 52-week high on NSE include Refex Industries and Vaibhav Global.
On the other hand, 219 stocks have hit 52-week low on BSE including Maruti Suzuki, TVS Motor, KRBL, SMS Pharma, Nahar Spinning, Endurance Technologies, Hero MotoCorp, Eros Media, Phillips Carbon, Escorts, eClerx Services, HCL Infosystems, Castrol India, Sun TV and Glenmark Pharma among others.
259 stocks advanced and 1427 declined while 397 remained unchanged on the NSE. On the BSE, 404 stocks advanced, 1720 declined and 106 remained unchanged.