Shares of IndusInd Bank (down 6.83 per cent), Bandhan Bank (down 5.1 per cent), Punjab National Bank (down 5.06 per cent), RBL Bank (down 4.87 per cent) and IDFC Bank (down 4.66 per cent) were the top losers in the index.
While Kotak Mahindra Bank (up 1.1 per cent) were among the top gainers.
The Nifty Bank index was trading 2.41 per cent down at 21499.05 around 02:43PM.
Benchmark NSE Nifty50 index was down 206.50 points at 11298.45, while the BSE Sensex was down 653.67 points at 38192.15.
Among the 50 stocks in the Nifty index, 3 were trading in the green, while 47 were in the red.
Shares of Vodafone Idea, YES Bank, Tata Motors, Ashok Leyland and SBI were among the most traded shares on the NSE.
Shares of Infosys, Apollo Hospital, MindTree, HCL Tech and Natco Pharma hit their fresh 52 week high in today’s trade, while Banka Bioloo Ltd., Libas Designs Ltd., Kuantum Papers Ltd., Eon Electric Ltd., Mahindra & Mahindra Financial Services Ltd., Mangalam Global Enterprise Ltd. and Tirupati Forge Ltd. hit fresh 52 week low in trade.