My son is 2 years 3 months old. He has got into a habit of tearing and breaking things. Whenever he comes across any book or paper he just tries to tear it out. He takes toys in his hand just to break it. First he will try to remove small part, if he is not able to break it peacefully he will just bang the toy on the floor or on the wall. He has got into this behavior not just with his things but with any and every thing he can get hold off.
In the beginning I though he will get over it but I do not see it going. He has already destroyed lots of things. I have tried to talk to him, punished him, sometimes ended up shouting but nothing seems to work. What do I do 
Are you spending enough time with your son. Many a times kids become destructive to attract your attention. For them negative attention is better than no attention at all. You have to observe exactly when your son behave abruptly. May be he is doing so when you have left him alone for long or you are busy with something else when he wants you be there for him.
Since your son is already 2 so now he can very well understand whats right and wrong. So, you need to be firm and tell him breaking thing is wrong and he should not do so. If he does not listen to you use timeout technique.
Set up a naughty corner in your house away from his play area and whenever he is breaking things, Just take him to the corner and ask him to be there for a min. In the beginning he might not stay at the corner but slowly he will. And if you will be firm this will work. Just be consistent and things will work.
Its common for this age kids to be destructive. Specially boys they love to do adventures. They don't exactly know that they are destroying things they just know that they are enjoying it. They are not aware that some of the things that they break/tear cannot be fixed.
First you need to explain him what he is doing is wrong and maybe give him an example of something that he might have broken and cannot be used now. And what problem you are facing if it is not working. Example - Suppose he broke your watch you can tell him that now you will not be able to know the time and so you will not be able to know when to give him his special food of his.
Once you are sure he understands that breaking is bad then you can use time outs as dikoy has specified.
One important thing I will like to point is please don't shout on your toddler as this is what they will learn from you. I know its difficult but we as moms have to do this.
As dikoy and carebaby has said time out will work slowly for your kid.
Another thing is what you can do is rewarding your toddler for good behavior. Talk to him and tell him that if he behaves properly the whole day you will give him a chocolate or something which he loves to have. Whenever he gets into a destructive mood just remind him he is going to loose his reward. May be you can keep reward in some visible place where he can see it and feel happy. First day if he does not get his reward he will be disappoint, next day he might do better. It will work in a week to 10 days time.
This is what worked for my son. Hope this helps you.
All the Best.