The benchmark BSE Sensex fell by over 223 points on Friday to close at 28,442.10, its weakest closing in over two weeks, mainly dragged down by heavy selling in tech and healthcare sectors.
The 30-share index has now lost over 602.34 points in the last three days after rising to 29,000-levels on Monday.
Shares of TCS plunged 4.22%, its biggest fall since October, after country's largest software exporter posted lower-than-expected earnings in the March quarter.
"Looking at Q4FY15 numbers, consensus earnings for Sensex has been lowered to 3.5% YoY from 9% a month ago.
In the same time market is concerned at downgrading FY16E numbers by 3-5% (Sensex EPS)," said Vinod Nair, head of fundamental research at Geojit BNP Paribas Financial Services.
Sensex opened a shade higher at 28,682.97 and rose further to 28,696.19 on back of gains in RIL ahead of its Q4 earnings.
Widespread loses led by IT stocks dragged the 30-share gauge into the negative zone to touch day's low of 28,403.76.
It finally settled 223.94 points or 0.78% lower at 28,442.10. The gauge had closed at 28,260.14 on April 1.
The 50-share NSE Nifty also dropped by 100.70 points or 1.16% to close the day at 8,606.00 after shuttling between 8,699.85 and 8,596.70 intraday.
On losers on the Sensex included, Wipro, Infosys, Sun Pharma, Axis Bank, Bharti Airtel, GAIL, Bajaj Auto, Hero MotoCorp and HDFC Bank.
However, shares of Reliance Industries after rising to Rs 943.80 during the session on expectations of encouraging earnings, reacted to profit-bookings at the fag-end and closed a shade lower at Rs 926.85.
Tata Steel, Sesa Sterlite, Hindalco, BHEL, NTPC, Tata Power and Hind Unilever also rose on the day.
Globally, Asian markets ended in negative zone, while European markets were higher in their early trade.
Sectorwise, the BSE healthare index suffered the most by plunging 3.05%, followed by teck at 2.02%, IT 2%, consumer durable by 1.80%, bankex 1.64%, auto 1.13%, realty 0.84%, capital goods 0.74% and oil & gas 0.36%.
Foreign Portfolio Investors sold shares worth Rs 214.36 crore on Thursday as per provisional data.