Benchmark indices Sensex and Nifty tumbled in early trade on Friday as surging oil prices and unabated foreign fund outflows unnerved investors.
Weakness in IT stocks and a negative trend in global markets also weighed on investor sentiment.
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The 30-share BSE Sensex dropped 330 points to 77,334 in early trade. The 50-share NSE Nifty declined 93.3 points to 24,079.75.
Later, the BSE benchmark quoted 772.35 points lower at 76,876.79, and the Nifty tanked 205.45 points to 23,967.60.
From the 30-Sensex firms, HCL Tech, Infosys, Tata Consultancy Services, Sun Pharma, Tech Mahindra and Bharti Airtel were among the major laggards.
UltraTech Cement, Mahindra & Mahindra, State Bank of India and Hindustan Unilever were among the winners.
Brent crude, the global oil benchmark, traded 0.89 per cent higher at USD 106 per barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,254.71 crore on Thursday, according to exchange data.
