Sensex was trading 450 points lower as of 10:30 AM and Nifty50 was trading at 17,120.
In Media stocks, Saregama and TV18 were the top losers with Hathway nearing the 52-week low.
Elsewhere in Asia, bourses witnessed massive sell-offs in their opening deals but regained some lost ground on reports of a likely meeting between US President Joe Biden and Russian President Vladimir Putin over the Ukraine issue.