The sell-off was more severe in broader markets, with the Nifty Smallcap 100 index plunging 3.92 per cent. The Nifty Midcap 100 index also lost 2.61 per cent by the session's close.

Domestic equity benchmark indices Sensex and Nifty tanked over 1 per cent each on Tuesday on massive sell-off amid concerns over continued outflows from foreign portfolio investors (FPIs) and weak corporate earnings during the second quarter of the current fiscal.

The S&P BSE Sensex was down 73.48 points to close at 81,151.27, while the NSE Nifty50 lost 72.95 points to end at 24,781.10.

The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading around 24,550 level, a premium of nearly 10 points from the Nifty futures’ previous close.

The markets experienced a significant downturn on Tuesday as Hyundai Motors' IPO opened at a 1% discount, leading to declines in Indian benchmark indices. The Sensex fell by 931 points (-1.15%), meanwhile the Nifty dropped by 311.

Investor wealth, as suggested by the BSE m-cap, fell Rs 8.98 lakh crore to Rs 444.66 lakh crore compared with a valuation of Rs 453.65 lakh crore recorded in the previous session. Frontline stocks such as Reliance Industries Ltd (RIL),