Turnover on the National Stock Exchange's futures & options (F&O) segment was Rs 30.47 lakh crore compared with Rs 86.15 lakh crore in the previous session.
In the cash market, the Nifty 50 index slumped 568.2 points or 3.76% to 14,529.15.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, soared 22.93% to 28.1425.
Bharti Airtel, Tata Motors and RIL were the top traded stock futures contracts in F&O segment for March expiry.
The March F&O contracts will expire on 25 March 2021.
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