The Indian stock market is trading at the low point of the day with Sensex falling 220.33 points, or 0.53 percent, to 41239.46, and the Nifty shedding 69.50 points at 12105.20.
Auto, FMCG, metals and PSU banks are the top losers with the indices down over a percent each.
The top losers from the auto space included Eicher Motors which has shed over 3 percent. It was trading with volumes of 2,741 shares, compared to its five day average of 3,713 shares, a decrease of -26.17 percent.
According to Citi, the recent volume trajectory and tepid demand lead it to trim volume and margin expectations.
The research house believes that RE will continue to dominate the premium cruiser segment.
The other losers included Hero MotoCorp, Mahindra & Mahindra and Maruti Suzuki.
Godrej Industries, down 5 percent followed by Emami down 2 percent and United Spirits are the top losers from the FMCG space.
The top losers from the metal space included Hindustan Copper, NMDC, SAIL, MOIL, Tata Steel, NALCO, Jindal Steel and Power and JSW Steel.
The share price of Vodafone Idea crashed 23 percent after the Supreme Court (SC) rapped the telecom companies for non-payment of dues. The stock was trading with volumes of 155,053,091 shares, compared to its five day average of 31,401,368 shares, an increase of 393.78 percent.
SpiceJet share price spiked over 7 percent after the company reported a 21 percent jump in its Q3FY20 consolidated net profit at Rs 77.9 crore against Rs 64.4 crore in the same quarter last fiscal. Revenue of the company was up 46.9 percent at Rs 3,656.3 crore against Rs 2,488.5 crore.
The stock was trading with volumes of 2,617,909 shares, compared to its five day average of 271,459 shares, an increase of 864.38 percent.
Igarashi Motors India share price jumped 12 percent and was trading with volumes of 209,314 shares, compared to its five day average of 9,564 shares, an increase of 2,088.52 percent.
The share price of Page Industries Limited was down 5 percent after the company reported a sharp 500 basis points decline in operating profit margins in December quarter (Q3FY20), due to higher expenses.
The stock was trading with volumes of 9,430 shares, compared to its five day average of 804 shares, an increase of 1,072.59 percent.
"PAGE reported a disappointing set of numbers on both volumes and earnings, with EBITDA declining 16 percent YoY in Q3FY20," said brokerage firm Motilal Oswal Financial Services.
The brokerages said it has a neutral call on the stock with a target price of Rs 22,250- which is a 5 percent downside from the current market price of Rs 23,528 - and said the stock's valuation is expensive.Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.