Indian bourses witnessed a virtual meltdown with the benchmark 30-share index plunging by 284.53 points to over a three-month low of 8,607.08 on Monday on extremely weak global cues amid a fourth straight monthly decline in the country's exports.
Market sentiment was also dampened by consistent FII outflows, which amounted to more than $1.6 billion in January and February this year.
The broader 50-share Nifty of the National Stock Exchange also tumbled by 89.05 points or 3.22 per cent to close the day at 2,674.60 from its last close.
Asian indices ended lower by about three to four per cent while European markets were down by nearly three per cent in their early trade.
India's exports declined by 15.9 per cent in January over the year-ago period, showing a fall for the fourth straight month as the global slowdown continued to affect demand for Indian goods.