(down 5.38 per cent), (down 4.42 per cent), (down 4.22 per cent), Axis Bank (down 3.86 per cent) and Federal Bank (down 3.86 per cent) were the top losers in the index.
While IDFC Bank (up 6.37 per cent) and IndusInd Bank (up 0.76 per cent) were among the top gainers.
The Nifty Bank index was trading 2.53 per cent down at 35660.9 around 03:02PM.
Benchmark NSE Nifty50 index was down 186.40 points at 14932.55, while the BSE Sensex was down 587.28 points at 50737.41.
Among the 50 stocks in the Nifty index, 10 were trading in the green, while 40 were in the red.
Shares of PNB, Vodafone Idea, IDFC First Bank, Bank of Baroda and IOB were among the most traded shares on the NSE.
Shares of The New India Assurance, IDFC First Bank, Redington, Capri Global and Tata Chemicals hit their fresh 52 week high in today’s trade, while Vera Synthetic, Jiya Eco Products, Sanwaria Consumer, Radha Madhav Corporation, Silgo Retail and Marine Electricals (India) hit fresh 52 week low in trade.