Reliance Industries, SBI and Larsen & Toubro were the top drags on the Sensex

Stock markets plunged in afternoon trade on Wednesday, after the Reserve Bank of India lowered its GDP projections for the current financial year. The S&P BSE Sensex fell as much as 201.13 points to 36,775.72 at the day's weakest point, and the broader NSE Nifty benchmark declined to 10,880.75, down 67.5 points from the previous close. A selloff in banking, financial services, automobile and metal stocks dragged the markets lower, however gains in information technology and pharmaceutical stocks provided some support.

At 2:09 pm, the Sensex traded 140.51 points - or 0.38 per cent - lower at 36,836.34, and the Nifty was down 42.90 points - or 0.39 per cent - at 10,905.35.

Top percentage laggards on the 50-scrip index at the time were Indiabulls Housing Finance, Tata Steel, Mahindra & Mahindra, Tata Motors, Bharat Petroleum, Grasim and SBI, struggling with losses of between 2.89 per cent and 12.48 per cent.

Reliance Industries, SBI and Larsen & Toubro were the top drags on the Sensex.