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The only index that ended in the green during the day was the fear gauge index India VIX which shot up over 9%. PSU banks, realty, financial services and media stocks were among the worst hit during the selloff.After hitting an all-time peak of 18,604.45 on October 19 last year, Nifty hit a 52-week low of 15,183.40 earlier on June 17

“In the UK and Europe markets, we are seeing the biggest falls. We are importing inflation and for imported inflation, we have to increase rates. That is what the markets are starting to now recognise fully, which they had not done prior to the Federal Reserve meeting on Wednesday, says Andrew Holland.”

The Nifty Auto index closed 1.71 per cent down at 13093.5.

At 9.40 am, the BSE Sensex was trading over 600 points or 1 per cent lower at 58,506.97 Nifty50 was trading at 17,478.25, down 150 points or 1 per cent.

The stock quoted a 52-week high price of Rs 1696.15 and low of Rs 1002.5.

The Hyderabad-based fashion company imported its machinery from South Korea and Italy for research and development (R&D) and is on an expansion spree and looking for both organic and inorganic growth opportunities, particularly in other developing countries, including the Indian subcontinent and Africa.

The partially convertible rupee closed at 80.99 per dollar, against a previous close of 80.86. It fell to a low of 81.2250 during the session before the Reserve Bank of India likely intervened, traders at state-run banks told Reuters.

The 30-share Sensex declined 1020.80 points to end at 58,098.92. Its broader peer, Nifty50, ended at 17,327.35, down 302.45 points. Power Grid was the top loser from the 30-share pack, falling 7.93 per cent to Rs 202.60.

The Nifty Pharma index closed 0.02 per cent down at 12610.65.

"The outsourced collection predominantly is prevalent in the bottom of the pyramid customer segment. This is in the second hand vehicle business, truck business or second hand truck financing business, gold loan company, microfinance company. NBFCs which are in the semi-formal and formal segment, wherein the customer is aware that timely repayment of his loan is important for the credit profile of his business, does not face this problem.”