Falls track lower Asian shares as the US Federal Reserve is poised to continue tapering its monetary stimulus and as fears rise about an economic slowdown in China.
Losses in India are exacerbated by uncertainty ahead of the RBI's policy review on Tuesday.
Although traders had not expected a rate hike earlier this month, expectations have become uncertain after hawkish comments on inflation from the central bank governor and a RBI panel report that recommended making taming retail inflation a priority.
ICICI Bank is down 4.4 per cent while HDFC Bank falls 3.5 per cent. Tata Motors slumps 5.6 per cent after the automaker's managing director, Karl Slym, died on Sunday when he fell from a high floor of a hotel in Bangkok.
Ranbaxy Laboratories falls 7.6 per cent, adding to Friday's 19.43 per cent plunge, as the drug maker continues to reel after the US drug regulator banned more of its products.
Losses in India are exacerbated by uncertainty ahead of the RBI's policy review on Tuesday.
Although traders had not expected a rate hike earlier this month, expectations have become uncertain after hawkish comments on inflation from the central bank governor and a RBI panel report that recommended making taming retail inflation a priority.
ICICI Bank is down 4.4 per cent while HDFC Bank falls 3.5 per cent. Tata Motors slumps 5.6 per cent after the automaker's managing director, Karl Slym, died on Sunday when he fell from a high floor of a hotel in Bangkok.
Ranbaxy Laboratories falls 7.6 per cent, adding to Friday's 19.43 per cent plunge, as the drug maker continues to reel after the US drug regulator banned more of its products.