Indian shares opened 0.75% higher on Wednesday but quickly turned negative, weighed down by ICICI Bank and Ranbaxy Laboratories.
At 10 a.m Ranbaxy was down 10.22% at Rs364.40 after US health officials banned dozens of drugs made by the Indian firm after it failed to fix numerous record-keeping and other operational problems.
ICICI Bank fell on fears its exposure to Lehman debt may hurt profits.
The 30-share BSE index was down 0.33% at 13,474.07 points.
The 50-issue NSE index fell 0.21% to 4066.70.
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