Indian equities dropped  on Monday erasing earlier gains. At 13.37., the Sensex was trading down 1,702.91 points or 5.13% at 32,014.71 with 25 components falling.  Meanwhile, the Nifty was trading lower by 506.50 points or 5.14% at 9,353.40 with 46 components falling.

Tata Motors  (10.10%), Bajaj Finance  (9.48%), I C I C I Bank  (9.12%), Indusind Bank  (8.94%),  and Housing Development Finance Corporation  (8.88%) were the biggest losers in the Sensex.

On the other hand, biggest gainers in the 30-share index were Bharti Airtel  (4.55%),  and Sun Pharmaceutical Industries  (0.68%).

Market breadth was negative with 504 advances against 1,485 declines.

Paushak  topped the value chart on the BSE with a turnover of Rs. 2.68 million.  It was followed by Force Motors  (Rs. 2.38 million), Core Organics  (Rs. 1.68 million) and Sandur Manganese & Iron Ores  (Rs. 1.35 million).

The volume chart was led by Prakash Steelage  with trades of over 0.09 million shares.  It was followed by Vikas Multicorp  (0.07 million), Lemon Tree Hotels  (0.05 million) and Magma Fincorp  (0.04 million).