Mumbai: Market indices saw a significant plunge in Wednesday morning trade, following correction in banks stocks after Punjab National Bank (PNB) reported a massive loss in the fourth quarter of FY 2017-18.
The BSE's Sensex dipped by 184.57 points to 35,349.84, while Nifty traded 63.45 points lower at 10,738.40.
About three shares declined for every share rising on the BSE, reports moneycontrol.
Shares of the state owned PNB hit a 52 week low of Rs 76.10 after it reported a net loss of Rs.13, 416.91 crores for the fourth quarter of the fiscal year ending March 31, 2018.
Lupin, Tata Motors, TCS and Tech Mahindra were early gainers, while shares of Titan Company, Bajaj Finserv, ICICI Bank, Axis Bank, and the State Bank of India (SBI) traded under pressure.
Meanwhile, the Indian rupee opened 7 paise lower at Rs.68.14 per dollar, amid the political turmoil in Karnataka.
However, it recovered to trade 18 paise higher at Rs. 67.89 against one US dollar.