The Indian bourses fell steeply on Thursday after gaining in early trade.
The Bombay Stock Exchange's 30 share index, Sensex, crashed over 400 points losing intra-day gains to trade at 37,845. The index opened on Thursday at 38,262.
Similarly, the broader 50-share index of the National Stock Exchange, Nifty, fell 75 points to trade at 11,127 points compared with its previous close of 11,202.
The indices fell mainly due to selling pressure in Indian telecom firm Bharti Airtel. Indian banks also weighed on the index with prominent private sector banks like HDFC, Axis Bank and ICICI Bank all losing ground.
Weakness was also witnessed in auto stocks with major carmakers like Ashok Leulyland, Hero MotoCorp and Tata Motors all trading lower.