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HDFC Bank was the top loser in the Sensex pack followed by IndusInd Bank, Axis Bank, HDFC, Maruti and Bajaj Finance.
NSE Nifty fell 171 points to 15,752.40.
Equity benchmark Sensex tanked 587 points on Monday, tracking heavy losses in HDFC twins, Reliance Industries and Axis Bank amid a weak trend in global markets.
The 30-share BSE index ended 586.66 points or 1.10 per cent lower at 52,553.40, while the broader NSE Nifty fell 171 points or 1.07 per cent to 15,752.40.
HDFC Bank was the top loser in the Sensex pack, slumping over 3 per cent, followed by IndusInd Bank, Axis Bank, HDFC, Maruti and Bajaj Finance.
On the other hand, NTPC, Nestle India, Dr Reddy's and Sun Pharma were among the gainers.
Domestic equities fell sharply on weak global cues as concerns over recent rise in fresh COVID-19 cases in various part of the world including the US weighed on sentiments, said Binod Modi, Head - Strategy at Reliance Securities.
"Financials have witnessed steeper correction today as subpar performance delivered by HDFC Bank in 1QFY22 and visible deterioration in asset quality created apprehension among investors about banks and NBFCs having exposure in retail and SME.
"Further, auto and metal indices also corrected over 1 per cent. Barring realty and pharma, most key sectoral indices witnessed contraction.
"Profit-booking was visible in mid-cap and small-cap stocks also, while volatility index hardened over 8 per cent," he noted.
On the global front, bourses in Shanghai, Hong Kong, Seoul and Tokyo ended with heavy losses.
Photograph: Danish Siddiqui/Reuters