The BSE Sensex fell more than 3 percent on Thursday and headed for their biggest daily falls in nearly six months, hitting their lowest levels since May 2014, as fears of a slowdown in the global economy hit markets worldwide.
State Bank of India (SBI.NS) fell 2.6 percent after saying quarterly net profit fell nearly two-thirds, below estimates.
India's broader Nifty was down 3.4 percent after earlier falling as much as 3.5 percent to below 7,000 points, its lowest level since Prime Minister Narendra Modi was elected in May 2014.
The falls would be the biggest since Aug. 24 of last year, when markets were hit hard by sharp falls in Chinese equities.
The benchmark Sensex was down 3.4 percent.
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