Turnover on the National Stock Exchange's futures & options (F&O) segment was Rs 22.40 lakh crore compared with Rs 99.43 lakh crore in the previous session.
In the cash market, the Nifty 50 index tumbled 263.80 points or 1.77% to 14,631.10.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 1.19% to 23.0275.
Reliance Industries, Tata Steel and SBI were the top traded stock futures contracts in F&O segment for May expiry.
The May F&O contracts will expire on 27 May 2021.
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