Trading in the domestic stock markets was halted for 45 minutes on Monday morning as benchmark indices plunged 10 per cent to trigger the lower circuit.
The benchmark index of the Bombay Stock Exchange (BSE), Sensex froze at 27,608.80 - down 2,307.16 points from the previous close. The benchmark index of the broader National Stock Exchange (NSE), Nifty 50 benchmark was stuck down 842.45 points at 7,903.00.
A deep selloff across sectors - led by banking, auto and metal stocks - hurt the markets, as the rapid spread of the coronavirus outbreak forced more countries to declare lockdowns, hurting businesses.
The Nifty Bank index - comprising stocks of 12 major lenders in the country including heavyweights SBI, HDFC Bank and ICICI Bank - was down 12.74 per cent.
Bajaj Finserv down by 25 percent(-Rs.1,558) to Rs.4,674, Indusind Bank slipped by 22.83 percent (-Rs.100.55) to Rs.339, Axis Bank plummets by 20 percent (-Rs.88) to Rs.340.15, Bajaj Finance plunges by 20 percent (-Rs.590) to Rs.2,361.