For instance, Dr Reddy's Laboratories has lost over 12 per cent in the last six trading sessions. Other scrips like Zee Telefilms, Digital Equipment and Dabur India have come under bear hammering and have lost substantial values in the past six trading sessions.

Though the Sensex has dropped by only 5.03 per cent from August 10 level of 3020 points to 2868, a host of scrips including Gujarat Ambuja, Reliance Industries, Raymonds, Zee Telefilms etc have lost much more in value.

Gujarat Ambuja has been the worst hit in the last one week, with the scrip losing close to 16 per cent to the current level of around Rs 168, down from Rs 200 on August 10. Scrips of Digital Equipment, Raymonds, Zee Telefilms, Reliance Capital, Dr Reddys, Ceat Limited and Titan have seen an erosion of over 13 per cent on the BSE.

Reliance Industries has lost nearly 10 per cent and has fallen to the current level of Rs 115.10 accompanied by a surge in trading volumes to 61 lakh shares on the BSE. A heavy selling pressure witnessed in the GDR market is said to be adding to the pressure in the domestic market. The GDR in the mid-day trade was quoted at around $ 4.7 a GDR (carrying two shares) which translates into a price of Rs 101.

As many as 19 scrips witnessed a drop of over 10 per cent and the major major losers have been Bank of Baroda, Supreme Industries, Hindalco, Bharat Forge, Indian Rayon, MTNL, Steel Authority, Bharat Petroleum, Lakme and Hindustan Petroleum. The fall in the new set of scrips suggest that the market players are trying to make up for the loss in other pivotals.

In the first round of hammering, the markets concentrated on those companies whose performance had been very bad in the first quarter.

This was especially the case with companies like Tisco and Telco who were hit by the slow-down in the economy. Once the Sensex fell below the 3000-mark, bears started going slow on these counters. For instance, Tisco has dropped by 6.92 per cent over the last one week.