New Delhi, Aug. 26 -- The Nifty 50 recorded its steepest intraday drop in three months, falling 1.02% to 24,712 in Tuesday's trade as investor sentiment soured after the US Department of Homeland Security confirmed that Washington will impose an additional 25% tariff on all Indian-origin goods from Wednesday, clouding the outlook for Asia's third-largest economy.

Heavyweights such as Reliance Industries, HDFC Bank, ICICI Bank, Bharti Airtel, Sun Pharma, and Axis Bank dragged the index lower. With today's crash, the index also broke its key support level of 24,800, and analysts warned the sell-off may persist if the Nifty stays below 24,600.

Hariprasad K, a SEBI-registered research analyst and founder of Livelong Wealth, said the Nifty s...