The markets gave a thumbs-down to the hike fuel prices with the Sensex on the Bombay Stock Exchange dropping over 440 points on frantic selling in metals, capital goods and auto sector stocks
The 30-share barometer, which has been on a losing streak for past two trading sessions, lost another 447.77 points, or 2.81 per cent points to close at 15,514.79 points. The index touched the day's low of 15,442.34 and high of 15,952.90 points.
Similarly, the wide-based Nifty on the National Stock Exchange moved down by 130.30 points at 4,585.60. It dipped to a low of 4,564.50 and a high of 4,731.50 points during the session.
Metal index suffered the most by falling 808.93 points at 15,423.15, followed by capital goods index by 405.43 points at 12,115.82.
Oil and Gas index lost 352.98 points at 10,059.51.
Brokers said the hike in fuel prices augmented concerns of high inflation, besides fears of higher petrol and diesel rates leading to a fall in demand for vehicles.
Bank index lost 186.88 points at 7,210.37, realty index by 337.05 points at 6,389.20, consumer durable index by 132.47 points at 4,089.71, PSU index by 129.76 points at 6,598.43, power index by 121.83 points at 2,632.37 and IT index by 114.74 points at 4,397.35.