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The 30-share BSE Sensex pack slumped 719 points or 0.98 per cent to trade at 72,376 and the broader NSE Nifty index moved 244 points or 1.1 per cent down to hit 21,955 level.
While some selling may have been the result of FPIs paring stake to comply with the new regulations, analysts say the big falls over the past few sessions were triggered by stock-specific negative news and overvaluation
BSE's barometer Sensex dropped more than 835 on Thursday to slip down to 70,665.50 early in the morning. The 30-share pack has crashed over 2,760 points from its 52-week highs at 73427.59.
BSE's Sensex dropped 313.90 points, or 0.44 per cent, to settle at 71,186.86. NSE's Nifty50 plunged 109.70 points, or 0.51 per cent, to end the day at 21,462.25 for the day.
All NSE sectoral indices were trading in red with Nifty Media, and Nifty Realty leading the losses, falling over 2 percent.