A benchmark index of Indian equities slipped further into the red about an hour before closing bell Thursday and was ruling 319 points lower.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,474.49 points, was at 17,130.76 points, down 343.73 points or 1.96 percent from its previous close.
Heavyweight scrips L&T, ICICI Bank and RIL contributed majorly to the drag.
Around the same time, at the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was at 5,114.4 points, against the previous close at 5,221.7 points, a loss of 2.05 percent.
Broader markets were also swept by the selling spree, with the BSE midcap index down 1.97 percent and the BSE small cap index trading 2 percent higher.