Stock markets on Monday opened lower on Monday as Greek voters have rejected more austerity demands from creditors, in the referendum.

The 30 scrip sensitivity index –Sensex dropped below the 28,000-mark by plunging over 1.12 per cent or 315.21 points to 27,777.58 in the early trade.

The wide scrip NSE index Nifty too snipped below the 8,400-mark by tumbling 98.75 points, or 1.16 per cent, to 8,386.15.

The Greek vote fuelled fears that foreign investors would ride out the uncertainty by paring down riskier holdings in emerging markets.

Meanwhile, rupee too weakened by 18 paise to trade at 63.62 against the American currency at the Forex market in early trade.