At 12:49 PM, the Nifty is at 4706, down by 51 pts or 1.1%

However the Nifty slipped below the 4700 and touched intraday low levels of 4680.

Tata Steel was the main dragger on the index. The stock was down to 528. The stock is currently trading at 533, down by 4.5%

Hindalco also went down by over 4.5%. at 133.70

Tata Motors is down by 3.7% and is trading at 655. The stock however saw an intraday low of 633.

Reliance Capital, GAIL, Punj LLLoyd, IDFC, DFL - have all seen cuts of over 2% each.