Future Retail plunged 4.99% to Rs 74.20 in the early trade, while Future Enterprises and Future Lifestyle Fashions also tanked 4.94% and 4.48% to Rs 11.15 and Rs 83.95, respectively.
Auto stocks were trading in green, with the S&P BSE Auto index increasing 432.48 points or 1.78% at 24689.82 at 09:48 IST.
Goa government has sought financial assistance from the Centre to revive the state's tourism industry
Brokerages retained their bullish view on Bharti Airtel after it posted better-than-expected financial results for the quarter ended December 31.
Benchmark indices bounced back in the afternoon trade. At 1.27 pm (IST), the barometer index S&P BSE Sensex traded 101 points higher at 50,357. The Nifty 50 index was up 46 points at 14,836.
SBI, Hero MotoCorp, NTPC, Adani Power, Arvind, Ipca Labs, PFS, Suzlon, Tata Power, Trent and Zee are slated to announce their financial results on Thursday
Indian stocks are expected to open on a flat note after seeing steep recent rally.
"Probably in the third or fourth quarter of next financial year, depending on how soon the valuation comes," he said.
This was a strong, positive growth-oriented budget with a focus on infrastructure spend.