Indian equities plunged by nearly 6 per cent to end below the 11,000 levels on Wednesday after a two-day rally.

The 30-share Sensex of the Bombay Stock Exchange, which had gained 955 points over the past two sessions, lost 674.28 points to fall to 10,809.12, a loss of 5.87 per cent.

Similarly, the broader 50-share Nifty index fell by 180.25 points to 3338.40, a decline of 5.12 per cent.

All the shares that make the benchmark Sensex ended with losses, led by Jaiprakash Associates, down 14.47 per cent, followed by Reliance Communications and Reliance Infrastructure, down 12 per cent.

The steep fall in Indian bourses was not isolated as several indices in Asia closed in the red.

Market analysts told the PTI news agency that the bourses could record further falls in the days to come in view of global banking major JP Morgan Chase's profit for the third quarter ended September.

The company's profit plunged by over one-sixth to 527 million dollars for the third quarter ended September, as compared to the year-ago period, after being bogged down by huge mortgage losses and higher credit costs.