The S&P BSE Sensex plunged 301 points to close at 25,490 and the Nifty50 fell 86 points to end at 7,815.
Sun Pharma was the top gainer after SPARC received Sebi nod to raise up to Rs.250 crore through a rights issue
A steep decline in the Asian equities after crude oil fell to its lowest since September 2003 dented sentiments.
BSE Bankex and Telecom indices led the fall.
Technical rallies and short covering may arise only if the markets break this 500 point band
This decision will come as a relief to Essar's multi-product port-based SEZ project in Hazira as well as of Adani Group's zone in Mundra, which the revenue department felt was not built on vacant land when it was notified, and hence it had violated the law. Both the zones are in Gujarat.
The broader Nifty too fell for the second straight session and closed with a loss of over 62 points, or 0.54 per cent, at 11,520.30, after hovering between 11,496.85 and 11,602.55.
The broader NSE Nifty closed below the 10,600 mark by plunging 98.15 points, or 0.84 per cent, to 11,582.35 after shuttling between 11,567.40 and 11,751.80.
The sixth round of talks between the government and farm union leaders, which was scheduled for Wednesday morning, has been cancelled. According to the union leaders, a new 'Delhi chalo' (march to Delhi)' call is being given to all farmers in the north India for December 14, while those in the South will be asked to protest at district headquarters.
On a weekly basis, the Sensex climbed 749.86 points or 2.69 per cent and the NSE Nifty soared 237.10 points or 2.76 per cent
The Hinduja Group, Mukesh Ambani, Murugappa, and the Adani groups were the other gainers in the Modi regime, while Naveen Jindal and Sun Pharma groups saw the most erosion in their m-cap in the last five years, reports Krishna Kant.
Notable losers were ONGC, Axis Bank, ITC, SBI, ICICI Bank, NTPC, Hero Motocorp, Sun Pharma and Bharti Airtel who fell by up to 2.80 per cent.
Ahlstrom, a global market leader in high performance fibre-based materials, has signed an MoU with Mundra Port and special economic zone of the Ahmedabad-based Adani group for 50,500 Sq Mtrs area in the Textile and Apparel Park.
Indices reversed all its losses during late trades.
Gains were led by index heavyweights with Reliance Industries contributing the most.
Maharashtra has the opportunity to solve all these problems by voting for the Congress and NCP, he said.
India Inc has few leaders who are likely to grab headlines in 2015.
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