Investors lost Rs 8.21 lakh crore in wealth within minutes of market opening as Sensex tanked 1,821 points to hit 33,876 against previous close of 35,697. Market capitalisation on BSE fell to Rs 128.92 lakh crore compared to the Wednesday's market cap of Rs 137.13 lakh crore.
Nifty too fell below the 10,000 mark, losing 519 points to 9,938.
NSE VIX index, which reflects rising volatility in the market, zoomed 9.84% to 34.66.
Tata Steel , ONGC and Axis Bank were top Sensex losers. All Sensex and Nifty components were trading in red.
Tata Motors, YES Bank and Adani Ports were top losers on Nifty.
Asian shares plunged Thursday after the World Health Organization declared a coronavirus pandemic and indexes sank on Wall Street.
Japan's benchmark Nikkei 225 dived 4.2% in morning trading to 18,591.01. Australia's S&P/ASX 200 dropped 5.3% to 5,420.70. South Korea's Kospi dipped 3.8% to 1,836.48. Hong Kong's Hang Seng lost 3.5% to 24,341.52, while the Shanghai Composite index shed 1.1% to 2,934.99.
On Wall Street, the Dow's loss dragged it 20% below the record set last month and put the index in a bear market.