The benchmark index of the Bombay Stock Exchange (BSE), Sensex has slipped by 444 points to 36,888 in the early hours of trade on Monday.
The benchmark index of National Stock Exchange (NSE), Nifty tanked 137.4 points to 10,885 points.
The sectoral indices led by Banking, Energy, Auto and Metal dragged the markets lower.
Market reacted sharply to the macro economic data which refuelled concerns about economic growth.
Top losers were Ultra Tech cement by 3.57% to Rs.3907, ICICI Bank by 3.37% to Rs.395 , Indian Oil by 3.59% to Rs.118.05, Tata Motors by 3.51% to Rs.112 , Bharat Petroleum, UltraTech Cement, India bulls Housing Finance and ICICI Bank.
Top gainers were Tech Mahindra by 2.19% to Rs.708, Britannia by 1.35% to Rs.2738, HCL Tech by 1.2% to Rs.1113 and TCS by 0.65% to Rs.2274 .