The BSE Sensex dropped 300.08 points (0.40%) to 73,815.09, while the Nifty slipped 95.40 points (0.42%) to 22,364.90 in early trade.

IndusInd Bank plunged 10%, making it the worst performer on the Sensex, as investor sentiment soured due to a post-tax impact of 2.35% of net worth from markdowns on internal derivative trades.

India’s stock market mirrored Wall Street’s overnight slump, where key US indices fell as much as 4%, driven by rising recession fears in the world’s largest economy.

Among other major losers, IT stocks like TCS and Infosys dragged the Sensex lower, adding to the market’s weakness.