At around 11.09 am, Sensex was trading at 52,160.53 lower by 314.23 points or 0.60%. Nifty 50 was performing at 15,690.05 below 109.30 points or 0.69%.
Nifty IT was the only index in the green on NSE. The index climbed more than 70 points with Wipro, L&T Infotech and Infosys surging nearly 1% each. Index heavyweight TCS was also marginally up.
Meanwhile, the Metal, Bank, Realty and Financial index on NSE have plummeted between 1-2%.
In the early deals, Sensex has dived to the day's low of 51,936.31, while Nifty 50 has slipped to an intraday low of 15,606.50.
On Nifty 50, top-performing stocks were ONGC, Divis Lab, Wipro, Infosys and HUL. While top underperforming stocks were Adani Ports, Coal India, SBI, HDFC and ICICI Bank.
Adani Group stocks witnessed a sharp nosedive after the National Securities Depository (NSDL) froze the accounts of three foreign funds that have investments in the Group's listed companies.
NSDL has frozen the accounts of three FPIs namely Albula Investment Fund, Cresta Fund and APMS Investment Fund. These FPIs have invested together about Rs43,500cr in four Adani Group companies - Adani Enterprises, Adani Green Energy, Adani Transmission, Adani Total Gas.
Adani Port dived by nearly 14%, Adani Enterprises slipped by 13.5%. While Adani Green Energy, Adani Transmission, Adani Total Gas and Adani Power have hit 5% lower circuit.