Caution prevailed in the Indian equity markets on Monday as investors were anxious about the Greek crisis, a day ahead of a crucial deadline for the Mediterranean country to repay part of its debt to the International Monetary Fund (IMF).

With no hope of a settlement in sight, investor sentiment was affected and resulted in panic at a benchmark index of Indian equities market, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE).

The initial plunge of about 602.65 points earlier in the day was, however, mitigated and the barometer index recovered, but still traded deep in the red during the late-afternoon session.

The S&P BSE Sensex falls 166.69 points to close at 27,645.15. The wider 50-scrip Nifty of the National Stock Exchange (NSE) fell by 62.70 points to end at 8,318.40.

The Sensex touched a high of 27,662.84 points and a low of 27,209.19 points so far in the trade.