In a span of seconds the Nifty was down more than 162 points, as freak trades gripped the NSE with SBI and Cipla showing drops of more than 10% on freak.
The NSE was trying to rectify the error.
The BSE Sensex had more believable rates and was down 110 points at 10.00 AM IST.
Among the stocks that led the decline was HDFC which dropped by more than 3% following reports that Carlyle would sell a stake in the company worth $850 million via block deal. HDFC which is an index heavyweight dragged the indices lower with its sharp fall. Other stocks that saw sustained selling pressure included TCS and Infosys which declined on a sharp drop in the rupee. Sun Pharma and IDFC were also amongst the losers.
Shares of auto companies were amongst the gainers today with Tata Motors, Bajaj Auto, Mahindra and Mahindra among the gainers.
Banking stocks dropped in trade today with ICICI Bank, State Bank of India, Allahabad Bank and Indian Overseas bank being amongst the losers.
Shares of FMCG companies including ITC and Hindustan Lever found buyers and were trading in the positive.
Meanwhile, markets in Asia were all trading higher following strong closings in the US.