After a flat opening, Indian stock markets started sliding downwards around 11.30 pm. The NSE Nifty witnessed quick drop of nearly 100 points. BSE Sensex was trading at 14916, down by 415 points at 12.10 pm IST.

Many stocks trading higher during the initial hours have come down from their day's higher levels. Among major losers were Capital Goods, Auto Stocks, Banks, PSU and Metal counters.

Top Losers on NSE included Tata Steel (down by 7.5%), real estate major DLF (down by 7.2%) and Tata Motors (down by 7%).

Tata Motors touched an intraday high of Rs 409, but was currently trading at Rs 385 after touching an intraday low of Rs 380.70 on NSE.

Steel major SAIL touched an intraday low of Rs 163 after touching Rs 178 during morning trading session.

Chinese Stock markets were trading lower. Shanghai Composite was down by 7.5% and other Asian markets were trading lower as well.

Hang Seng was down by over one percent.