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Bajaj Auto was the top loser in the Sensex pack, falling around 3 per cent, followed by Maruti, ICICI Bank, Sun Pharma and RIL.
NSE Nifty tanked 143.85 points to end at 15,030.95.
Snapping its three-session rising streak, equity benchmark Sensex tumbled 487 points on Friday, tracking losses in financial and auto stocks.
After gyrating 1,283 points during the day, the 30-share BSE index ended 487.43 points or 0.95 per cent lower at 50,792.08.
The broader NSE Nifty tanked 143.85 points or 0.95 per cent to end at 15,030.95.
Bajaj Auto was the top loser in the Sensex pack, falling around 3 per cent, followed by Maruti, ICICI Bank, Sun Pharma and RIL.
On the other hand, PowerGrid, ONGC, Titan and Infosys were the gainers.
According to Binod Modi, head - strategy at Reliance Securities, after seeing a brisk opening on favourable global cues, domestic equities fell sharply mainly led by selling pressure in financials and auto stocks.
"10-year US treasury yield again surged back to 1.6 per cent on anticipation of spike in inflation led by $1.9 trillion fiscal stimulus backed faster economic recovery. This has weighed on investor sentiments," he said.
Hardening bond yields and soaring oil prices are also expected to weigh on investor sentiment and may keep markets volatile in the near to medium term, he added.
BSE auto, energy, bankex, finance and FMCG ended up to 1.60 per cent lower, while utilities, power and consumer durables closed higher.
Broader BSE midcap index fell 0.45 per cent, while smallcap inched up 0.14 per cent.
Global equities were largely on the backfoot amid rising bond yields, which stoked inflation concerns.
Elsewhere in Asia, bourses in Shanghai, Seoul and Tokyo ended on a positive note, while Hong Kong was in the red.