Equity benchmark indices extended losses after trading resumed following a 45-minute halt as Sensex plunged nearly 3,000 points to hit its lower circuit limit in morning session on Monday over Coronavirus woes.
The BSE Sensex fell over 3,200 points at 26,686.71 or 10.79 per cent from the previous close of 29,915.96 as trading resumed.
The Nifty50 on the National Stock Exchange also lost over 900 points to trade below the 8,000 mark.
Earlier in the day after opening 2,718 points lower, the BSE barometer plunged 2,991.85 points or 10 percent to 26,924.11. Similarly, the NSE Nifty fell 842.45 points, or 9.63 per cent, to 7,903, triggering a 45-minute trading freeze as coronavirus-led lockdowns across the world stoked fears of a massive global recession.
As an automatic mechanism to freefall in the market, when an exchange plunges 10 per cent before 1 pm, trading is halted on stock exchanges for 45 minutes.
All Sensex components were trading in the red, with Axis Bank tanking up to 20 per cent, followed by ICICI Bank, IndusInd Bank, Bajaj Finance, Hero MotoCorp and M&M.
The market movement comes a day after Central and state governments announced wide ranging measures including lockdowns and suspension of some public transport to contain the spread of COVID-19 coronavirus.
The Indian rupee slipped further by 95 paise to 76.15 against the US dollar in opening trade on Monday amid sharp rise in Coronavirus cases in the country and heavy selling in domestic equities.
The rupee which opened on a weak note at 75.90 at the interbank forex market, lost further ground and touched a low of 76.15 against the US dollar, registering a decline of over 95 paise over its last close. The local unit had settled at 75.20 against the US dollar on Friday.
This is the second time this month that trading was put to halt for 45 minutes soon after opening over Coronavirus woes.
On March 13, the BSE Sensex crashed 3,000 points, while the NSE Nifty nosedived to a three years low of 8,800 for the first time since February 2017, forcing trading to be stopped for 45 minutes.
Meanwhile, Prime Minister Narendra Modi is likely to hold a meeting with all industry bodies to assess the state of economy in the wake of the impact of COVID-19 pandemic. PM Modi will preside the meet via video conferencing on Monday at 4 pm.
Globally, there are currently 337,553 confirmed cases and 14,654 deaths from the COVID-19 coronavirus outbreak. India has reported nearly 400 cases with eight deaths.