Mumbai, Nov 3 (PTI) Markets today tumbled by nearly 500 points to close at two-month low after an all-round selling triggered by a steep fall in the heavyweight RIL amid poor earnings by some corporates and sluggish global equities.

The petro-chem giant RIL, which has the maximum weight on the Sensex, plunged 5.73 per cent on reports that the Comptroller and Auditor General of India would soon audit the company's books of accounts.

"RIL slipped on reports that CAG has set up a team to examine the expense RIL had incurred on its D6 natural gas field in the Krishan-Godavari basin," said Geojit BNP Paribas Financial Services Head, Research Centre, Alex Mathews.

Leading aluminium maker Hindalco fell the most among the Sensex stocks by a steep 10.50 per cent following its profit sharply falling by over 52 per cent in the second quarter.