71 percent on Tuesday, closing below the 13,000-point mark, hit by worries about early general elections, inflation and oil prices, dealers said. The benchmark Mumbai 30-share Sensex index fell 499.
92 points to 12,961.68, a 14-month low.
"Political uncertainty and rising inflation are dragging the markets down.
We could see a further dip of about 400 points," said Bhaskar Kapadia, a partner at brokerage Pyramid Securities.
Tension between the communists and the ruling Congress coalition have been running high over a controversial nuclear pact with the United States, fanning fears of snap elections.
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Stocks have also been hit by worries that soaring crude oil prices will hit input costs for companies and drive down profits.
Interest rate-sensitive property, automobile, banking and metal stocks fell, on concerns of further monetary tightening.
The Reserve Bank of India will meet for its next policy-making meeting on July 29.
Last Tuesday, the bank raised its repo rate -- the rate at which commercial banks borrow funds from the central bank -- to 8.
5 percent from 8.0 percent.
It also announced a two-stage hike of th