Equity benchmark Sensex slumped over 200 points in opening trade on Monday, tracking losses in index majors Wipro, Bajaj Finserv and Infosys amid a largely negative trend in global markets.
Besides, unabated foreign fund outflows also put pressure on domestic equities, traders said.
The BSE gauge was trading 233.53 points or 0.40 per cent lower at 58,803.65 in early trade. Likewise, the Nifty fell 73.70 points or 0.42 per cent to 17,543.45.
Asian Paints was the top loser in the Sensex pack, shedding 2.44 per cent, followed by Tech Mahindra, Wipro, Bajaj Finserv, Infosys, HCL Tech and Bajaj Finance.
On the other hand, PowerGrid, Maruti, ICICI Bank, Reliance Industries and Bharti Airtel were among the gainers.
In the previous session, the 30-share index ended 427.44 points or 0.72 per cent lower at 59,037.18. Similarly, the broader NSE Nifty plunged 139.85 points or 0.79 per cent to 17,617.15.
Elsewhere in Asia, bourses in Hong Kong, Seoul and Tokyo were trading with losses in mid-session deals, while Shanghai was in the green.
Stock exchanges in the US finished with significant losses in the overnight session on Friday.
Meanwhile, international oil benchmark Brent crude rose 0.92 per cent to USD 88.70 per barrel.
Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 3,148.58 crore on Friday, according to stock exchange data.