At around 2.53 pm, Sensex was trading at 51,006.25 down by 438.40 points or 0.85%. The index has tumbled to an intraday low of 50,539.92.
Meantime, Nifty 50 was performing at 15,129.80 lower by 115.80 points or 0.76%. The index has slipped to an intraday low of 14,980.20.
Sensex gainers were - Ultratech Cement (+5%), Dr Reddy's (+1.5%) followed by Asian Paint up 1%, Maruti and Bajaj Auto advancing by 0.4% each. ITC, IndusInd Bank, M&M, TCS and Titan were marginally higher.
However, Sensex underperformers were - HDFC and HDFC Bank down by 2.3% and 2.1% respectively. Stocks like L&T, SBI, Bajaj Finserv and Axis Bank tumbling by nearly 2% each.