The benchmark S&P BSE Sensex tanked 400 points, or 1 per cent, to trade at 37,200 levels amid selling in financial counters. IndusInd Bank, HDFC Bank, and HDFC Bank, down between 1.5 and 2 per cent, were the top laggards on the Sensex index, followed by weakness in HDFC, Bajaj Finance, and Reliance Industries.

On the upside, Maruti Suzuki, Bajaj Auto, and M&M were the top gainers on the benchmark index on the back of healthy July auto sales figures.

That apart, Bandhan Bank skid over 8 per cent on the BSE after 356 million equity shares changed hands on the counter in a block deal. READ MORE

Shares of Tata Motors rallied over 8 per cent on the BSE on Monday after the company on Friday released its June quarter numbers for the fiscal year 2020-21 (Q1FY21). READ MORE

The broader Nifty50, meanwhile, slipped below the crucial 11,000-level, and was at 10,978 level, down 95 points or 0.86 per cent.