Benchmark indices Sensex and Nifty declined in early trade on Tuesday amid persistent foreign fund outflows, and weak trends in the global markets.
Selling in IT stocks also dampened investor sentiments.
The 30-share BSE benchmark Sensex tanked 468.14 points to 77,779.99 in initial trade. The NSE Nifty dropped 117.05 points to 23,527.85.
From the 30 blue-chip pack, Tech Mahindra, Tata Consultancy Services, Infosys, HCL Technologies, Zomato, IndusInd Bank, Bajaj Finance and ICICI Bank were the major laggards.
Kotak Mahindra Bank, State Bank of India, Tata Motors and Tata Steel were among the gainers.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,893.16 crore on Monday, according to exchange data.
In Asian markets, Seoul and Shanghai were trading lower while Hong Kong quoted in the positive territory.
US markets ended lower on Monday.
Global oil benchmark Brent crude climbed 0.30 per cent to USD 74.39 a barrel.
The 30-share BSE benchmark tumbled 450.94 points or 0.57 per cent to settle at 78,248.13 on Monday. The Nifty declined 168.50 points or 0.71 per cent to 23,644.90.
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