India’s Sensex Slumps Most in 21 Months as Rupee Drops to Record
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Indian stocks had the steepest drop in 21 months as the rupee slid to a record low after the U.S. Federal Reserve Chairman Ben S. Bernanke said bond purchases may be cut.
The S&P BSE Sensex plunged 2.8 percent to 18,706.70, the most since Sept. 22, 2011, according to preliminary closing prices in Mumbai, the lowest level since April 15. Volume on the gauge was 50 percent more than the 30-day average. HDFC Bank Ltd., the country’s second-biggest private lender, paced declines among banks. Jindal Steel & Power Ltd. sank 9.6 percent, the worst performer on the Sensex today.