HDFC Bank was the top loser in the Sensex pack, shedding over 3.5 per cent, followed by Bajaj Finance, L&T, HDFC, Bajaj Finserv, HDFC and Kotak Bank.
NSE Nifty slumped 302.70 points to 17,213.60.
Equity benchmark Sensex crashed 1,024 points to end below the 58,000-level on Monday, tracking a heavy sell-off in banking and financial stocks despite a largely steady trend in global markets.
Concerns over unabated foreign capital outflows also affected the market sentiment, traders said.
Benchmark indices started the session weak as investors remained cautious assets ahead of RBI's policy meet.
However, the selling pressure deepened in the afternoon trade, they added.
The 30-share BSE Sensex ended 1,023.63 points or 1.75 per cent lower at 57,621.19.
Similarly, the NSE Nifty slumped 302.70 points or 1.73 per cent to 17,213.60.
HDFC Bank was the top loser in the Sensex pack, shedding over 3.5 per cent, followed by Bajaj Finance, L&T, HDFC, Bajaj Finserv, HDFC and Kotak Bank.
On the other hand, PowerGrid, NTPC, Tata Steel, SBI and Ultratech Cement were the gainers, rising up to 1.88 per cent.
Of the Sensex constituents, 25 shares closed lower while five were in the green.
Elsewhere in Asia, bourses in Tokyo and Seoul ended with losses, while Hong Kong and Shanghai were positive.
Equities in Europe were trading with gains in mid-session deals.
International oil benchmark Brent crude fell 1.05 per cent to $92.29 per barrel.
The Reserve Bank of India (RBI) on Sunday announced rescheduling the meeting of the rate-setting Monetary Policy Committee (MPC) by a day in view of Maharashtra declaring a public holiday on February 7 to mourn the death of legendary singer Lata Mangeshkar.
The MPC meeting was scheduled for February 7-9, 2022.
With the postponement, the meeting will now begin on February 8 and the outcome would be announced on February 10.
Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 2,267.86 crore on Friday, according to stock exchange data.
Photograph: Shailesh Andrade/Reuters
