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Turnover on the National Stock Exchange's futures & options (F&O) segment was Rs 29.68 lakh crore compared with Rs 73.41 lakh crore in the previous session.
In the cash market, the Nifty 50 index tumbled 229.55 points or 1.54% to 14,637.80.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, surged 6.14% to 21.215.
RIL, SBI and ICICI Bank were the top traded stock futures contracts in F&O segment for April expiry.
The April F&O contracts will expire on 29 April 2021.
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