Sunday, May 16, 2004

Free Fall!

On friday I mentioned that friday's stock market crash seemed to be the forebearer of worse things to come.

Today the stock market crashed 822 points before trading was halted. To quote

The stock market crash continued unabated on Monday forcing the authorities to freeze trading for the second time as the BSE index plummeted by 822 points, hurting millions of investors who lost upto an estimated Rs 200,000 crore (Rs 2 trillion) this morning.

Market authorities first halted trading for one hour at 1015 hours as the market fell by over 550 points but the freeze was imposed again within minutes of recommencement as the downhill march continued.

After recommencing trading at 1115 hours, it was closed within three minutes as the BSE fell further by 272 points to reach 4247.59.

More updates on this later.


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