Benchmark indices fell heavily in trade, with the Sensex falling a huge 362 points in trade, as investors continued to sell following concerns over mounting bad debts. Banks with an exposure to the ADAG group, COX and Kings, CG Power dropped in trade. The Sensex ended the day with losses of 362 points, while the Nifty dropped 114 points in trade.
Among the losers in trade was Yes Bank, which fell a huge 22 per cent in trade. Other stocks that saw some heavy selling pressure was IndusInd Bank which fell 6 per cent in trade and Zee Entertainment plunged 13 per cent.
The only stocks that managed to stay in the green were the HDFC twins and BPCL. The sharp fall in the markets took investors by surprise, given that the markets in early morning were remarkably strong and the Nifty had opened with gains of nearly 60 points.
RBL Bank was another stock that took it on the chin, with the shares falling almost 18 per cent in trade.
Such steep cuts were very uncommon in the past, but, have now become very discomforting. Meanwhile, European markets were trading with gains led by the German DAX and the French CAC.