Extending its losses the BSE Sensex declined over 1,500 points in line with global selloff.
Around 11.33 a.m., Sensex was trading at 49,517.48, lower by 1,521.83 points or 2.98 per cent from the previous close of 51,039.31.
It opened at 50,256.71 and has touched an intra-day high of 50,400.31 and a low of 49,507.46 points.
The Nifty50 on the National Stock Exchange was trading at 14,660.80, lower by 436.55 points or 2.89 per cent.
Globally stocks markets have declined due to rising bond yields.
The across-the-board selloff was led by banking and finance stocks.
The top stocks on the Sensex were ICICI Bank, Axis Bank and IndusInd Bank, while the major losers were Dr Reddy’s Laboratories, Sun Pharmaceutical Industries.