Bank of India declined 7.4% at 247.90 rupees, State Bank of India was down 4.1% at 1,247.50 rupees and HDFC Bank fell 1.9% at 1,099 rupees.

ICICI Bank lost 2.5% at 734.65 rupees. ICICI Bank has a third largest weight of 8.1% in the Sensex.

Parsvnath Developers lost 6.3% to 152.10 rupees after the company reported 17% fall in net profit to 108.87 crore rupees in the fourth quarter ended march 2008 over the same quarter last year.

Auto stocks fell on worries that a tight monetary policy may compel banks to raise lending rates which in turn would hurt demand for automobiles.

TVS Motor Company dropped 5.2% at 32.85 rupees, Hero Honda Motors declined 4% at 759 rupees, Tata Motors traded lower at 2.8% at 488.85 rupees and Mahindra & Mahindra edged 0.2% lower at 575.20 rupees.