Turnover on the National Stock Exchange's futures & options (F&O) segment was Rs 31.26 lakh crore compared with Rs 69.06 lakh crore in the previous session.
In the cash market, the Nifty 50 index tumbled 218.45 or 1.5% to 14,371.90.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 1.09% to 22.4225.
Tata Motors, RIL and Tata Steel were the top traded stock futures contracts in F&O segment for January expiry.
The January F&O contracts will expire on 28 January 2021.
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