Indian shares were moving lower on Wednesday, with financial and IT shares falling heavily as investors fretted about aggressive Fed tightening, a worsening energy crisis in Europe and COVID-19 lockdowns in China.
The benchmark S&P/BSE Sensex dropped 300 points, or half a percent, to 58,896 in early trade, while the broader NSE Nifty index was down 77 points, or 0.4 percent, at 17,578.
HCL Technologies, Tech Mahindra, Axis Bank, Bharti Airtel and IndusInd Bank all fell over 1 percent.
Adani Enterprises and Adani Ports were seeing modest gains after the Adani Group rebutted a report that had termed it overleveraged.
ONGC fell about 1 percent as crude prices dropped below $86 a barrel on demand worries.
IDBI Bank edged up slightly on stake sale reports.
Canara Bank was down 0.8 percent after hiking lending rates.
Zuari Industries rallied 3.4 percent. The company has signed an agreement with Envien International, Malta and Zuari Envien Bioenergy to build and operate a biofuel distillery.
Suzlon Energy gained 1.6 percent as it secured an order to set up a 180.6 MW wind energy project from Sembcorp's arm Green Infra Wind Energy.