The BSE benchmark Sensex on Friday snapped 4-session rising spree, tumbling 475 points in late morning trade due to all-round selling from operators in view of fall in global markets amid depreciation of rupee value against the dollar.
Shares of consumer durable, banking, realty, capital goods, metal, power and refinery sectors declined sharply.
The BSE-30 share index, Sensex, resumed lower at 19,297.11 points and dropped further to a low of 18,852.40 before quoting at 18,892.86 at 11.15am.
It showed a sharp fall of 474.73 points, or 2.45%, from its last close.
It had gained by 702.71 points or 3.76% in last four sessions.
The NSE 50-share barometer Nifty also tumbled by 159.90 points or 2.78% to 5,582.40 at 10.50am.
Major losers were - BHEL (4.59%), HDFC (4.44%), Maruti Suzuki (4.24%), Tata Power (3.73%), Icici Bank (3.59%), M&M (3.41%), Tata Steel (3.36%) and Larsen (3.19%).
The market sentiment was also affected by RBI's decision on Wednesday to reduce the limit for Overseas Direct Investment (ODI) under automatic route for all fresh ODI transactions from 400% of the net worth of an Indian Party to 100% of its net worth.
Asian stocks stumbled on Friday after some weak earnings and worries that the Federal Reserve would soon pare its bond purchases slammed Wall Street.
Key benchmark indices in China, Hong Kong, Indonesia, Singapore, South Korea and Japan were down by 0.51% to 1.35%.