Indian Stocks, Rupee Convulse as Nation Heads for Lockdown
- Sensex, Nifty indexes suffer their worst losses on record
- Rupee weakens to record as foreigners dump India assets
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Indian assets suffered a rough start to the week as stocks posted their worst-ever day on record as trading resumed after a system-wide halt, and the rupee hit a new low following a lockdown in much of Asia’s third-biggest economy.
The S&P BSE Sensex and the NSE Nifty 50 indexes crashed 13% each at the close in Mumbai, just shy of the 15% mark that would have set off the day’s second halt. The gauges earlier sank 10% within minutes of the opening bell, tripping circuit breakers. The currency slid 1.4% to 76.2750 per dollar, all-time low.