New Delhi, Delhi, India

The BSE Sensex dropped over 500 points — over 1.5% — in late afternoon trade, with the Nifty dropped below 10,200. 

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At the closing bell, the Sensex had fallen 509.54 points to 33,176.00 while the Nifty was trading at 10,195.15. 

The drop was led by a selloff in energy, metal, oil & gas, utilities and FMCG stocks amid subdued Asian trend.

Weakness in Asian markets on continued worries of trade tensions due to fears over US tariffs weighed on market sentiment.

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Back home, Telugu Desam Party's (TDP) formal exit from the Narendra Modi government also spooked investors.

(With inputs from PTI)