Indian stocks joined the selloff in Asian markets led by Japan on Thursday after hawkish comments by US Federal Reserve chairman Ben Bernanke and weak manufacturing data indicating slowing activity in China spooked investor sentiments.

The State Bank of India (SBI), the country’s largest lender, on Thursday reported an 18 per cent drop in March quarter profit at Rs 3,299 crore on account of lower

Ranbaxy, once promoted by Malvinder Singh and his brother Shivinder Singh, saw its shares take a near 9 per cent hit on Thursday, its biggest percentage fall since March 2009, after the Japanese parent company Daiichi Sankyo said it was seeking a legal action against former shareholders, without naming Singh brothers.

Tata Steel, India’s largest steelmaker by market capitalisation, reported the bigg­est-ever consolidated quarterly loss of Rs 6,528.51 crore for the March quarter due to a non-cash writedown and weak demand in Europe.

Water and waste water management company Va Tech Wabag has reported a marginal rise in net profit for the quarter ended March 31, 2013, against a year-ago period, while net sales fell by four per cent for the quarter.

JSW Steel on Thursday said its net profit for the quarter ended March 31, 2013, fell 23.78 per cent to Rs 573.23 crore from Rs 752.18 crore in the same quarter last fiscal year, on subdued steel demand and growing imports. Total income decreased from Rs 9,593 crore to Rs 9,344.6 crore in the same period.

Tata Steel India's largest steelmaker by market value, swung to a loss in its fourth quarter, hit by weak demand in Europe, its top market and production region.

Country’s largest bank, SBI, on Thursday reported a 18.54 per cent decline in net profit at Rs. 3,299 crore for the fourth quarter ended March 31, 2013

The Nikkei share average plunged 7. 3 percent on Thursday its biggest one-day percentage drop in two years

Hawkish comments by U.S. Federal Reserve Chairman Ben Bernanke and weakness in China's factory activity rattled Asian markets on Thursday