The Bombay Stock Exchange Sensex plunged over 300 points as it hit 26,402.67 and National Stock Exchange Nifty went below 8,120 in the early trading hours of Wednesday, reported The Financial Express. Auto stocks, IT stocks and that of the banking and capital goods sector led the declining trend.

Japan's Nikkei went down 1.1%, China's Shanghai Composite Index declined 0.27%, and Hong Kong's Hang Seng recorded a 1.89% drop, according to PTI. Experts feel that profit-booking by investors triggered by the market gains on Thursday in the middle of a weak global trends might be responsible for the slump. The upcoming vote on whether Britain will leave the European Union is also believed to have played a role in the market trend.