Indian markets dropped  on Monday erasing earlier gains. At the close, the 30-share benchmark index, BSE Sensex declined 1375.27 points or 4.61% at 28,440.32. While the broad based NSE Nifty fell 379.15 points or 4.38% at 8,281.10.

Bajaj Finance  (11.95%), Housing Development Finance Corporation  (10.92%), Tata Steel  (8.36%), H D F C Bank  (7.96%), I C I C I Bank  (7.67%),  and Kotak Mahindra Bank  (7.29%) were the biggest losers in the Sensex.

On the other hand, major gainers in the 30-share index were Tech Mahindra  (4.94%), Hindustan Unilever  (2.56%), Axis Bank  (2.50%),  and Indusind Bank  (0.13%).

Indusind Bank  topped the value chart on the BSE with a turnover of Rs. 572.58 million.  It was followed by Dr Reddy'S Laboratories  (Rs. 368.88 million), Maruti Suzuki India  (Rs. 337.99 million) and TV18 Broadcast  (Rs. 79.78 million).

The volume chart was led by Moh  with trades of over 6.45 million shares.  It was followed by TV18 Broadcast  (5.45 million), Indiabulls Real Estate  (1.97 million) and Indusind Bank  (1.39 million).