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The benchmark Sensex on Thursday crashed by over 637 points in early trade on heavy selling by funds, taking cues from weak global markets on US subprime worries.
The BSE 30-share index, which had lost 16.30 points in the previous trading session, plummeted 637.34 points to 14,363.57 in the first five minutes of trading.

The wide-based National Stock Exchange's Nifty fell by 196.30 points to 4,173.90.
Market observers said meltdown in global markets on worries over US subprime mortgage crisis mainly triggered a major sell-off on domestic bourses, dragging the Sensex down sharply.
They said pumping of more funds by US Federal Reserve into the banking system also failed to boost investors' sentiments.
"The market, which opened after a holiday, tumbled as all the global indices led by Dow Jones and Nasdaq faced meltdown," said a Mumbai-based stock broker.
All heavy-weight stocks were in the red with sizeable losses.

TOKYO: Asian stocks fell Thursday morning, battered by persistent jitters over U.S. housing loan problems and their possible damage to global financial markets.
The benchmark Nikkei 225 index lost 2.6 percent on the Tokyo Stock Exchange in the morning session. South Korea's main benchmark fell more than 7 percent in early trade. And Hong Kong's blue chip Hang Seng Index was down 4.2 percent at midday.
"All of Asia and other European markets are watching the U.S. market," said James Soh, a strategist at Korea Investment & Securities Co. in Seoul. Global investors were focused in particular on the U.S. Federal Reserve, he said.
The Federal Reserve added more cash to the U.S. banking system Wednesday, and other central banks have been pouring cash into their banking systems as well since the end of last week. But the injections has so far failed to quash investors' jitters and halt the global slide.
Some investors have been calling for the U.S. central bank to free up more cash by making an interest rate cut at its Sept. 18 meeting, but the Fed has given no indication it is considering a hike.



The Bank of Japan injected 400 billion yen (US$3.4 billion; €2.5 billion) into money markets Thursday morning, the third time since last Friday it has acted in a bid to curb rises in a key overnight interest rate.
Later Thursday, New Zealand's central bank said it is closely monitoring domestic market movements and stands ready to inject liquidity if needed.
"Following the recent disruptions in global credit markets, the Reserve Bank has been closely monitoring the impact on the domestic markets and liquidity conditions," Acting Governor Grant Spencer said in a statement.
In late afternoon trade, the benchmark NZX-50 was down 1.6 percent. The index has lost more than 8 percent in three weeks, including 4.5 percent since Monday.
Australia's benchmark S&P/ASX 200 index was down 3.1 percent early afternoon.
Stocks also plunged elsewhere in Asia.
The Philippine benchmark was down 6.1 percent, falling below a symbolic 3,100 support level early and then crashing through 3000. Indonesia's standard stock index fell as much as 5.6 percent in morning trade.
Taiwan's main stock index was down 4 percent at midday. China's main index in Shanghai was down 1.4 percent. Singapore's Straits Times Index was down 4.12 percent.
The Dow Jones industrial average fell 1.29 percent overnight to 12,861.47, closing below 13,000 for the first time since April 24.