The Sensex ended lower by 1,709.58 points or 5.59% at 28,869.51 and the Nifty50 cracked 425.55 points or 4.75% at 8,541.50.
Reacting to this, shares of Vodafone Idea cracked 31%, Infratel slumped 14.5% and MTNL dropped 5% on the BSE Telecom index.
IndusInd Bank stock under pressure: Shares of IndusInd Bank plunged to hit a six-year low of Rs382.55 amid weak market conditions and no relief from Supreme Court to telecom players in the AGR case.
The bank on Tuesday clarified that it is financially strong, well-capitalized, profitable and a growing entity with strong governance. The bank issued the clarified in wake of the significantly higher level of market rumours and speculation around IndusInd Bank stock.
Banking stocks tumble: Bank Nifty plunged to its lowest level since February 2017. The fall in the index was led by losses in IndusInd Bank, Federal Bank, Axis Bank, Kotak Bank, SBI, HDFC Bank, etc. among others.
Global markets: European markets opened lower on Wednesday despite western governments promising to unleash billions of dollars to help businesses and citizens get through the coronavirus pandemic. The pan-European Stoxx 600 fell 3% at the start of trading, travel and leisure stocks dropping 4%.
S&P lowers India’s forecast: S&P Global Ratings has lowered India's economic growth forecast to 5.2% for 2020. The agency on Wednesday said that the global economy is entering a recession amid the coronavirus pandemic. Earlier it has projected a growth rate of 5.7% during the 2020 calendar.
Coronavirus updates: The total number of reported novel coronavirus cases in India has climbed to 153, with 12 fresh cases reported from various parts of the country on Wednesday. The total cases in India include 25 foreign nationals and the three persons who died in Delhi, Karnataka and Maharashtra.
Crude oil: Oil prices fell for a third consecutive session, as the coronavirus epidemic slams economic growth. WTI Crude Oil has dropped to the lowest levels since 2003, below $26/ bbl.