Thursday, October 16, 2008
Sensex tumbles, biggest weekly fall in 18 years
The Sensex tumbled 7 percent on October 10 and posted its biggest weekly fall in nearly 18 years as panicky investors joined a global selloff on recession worries, with weak industrial data adding to the gloom.
ICICI Bank plunged as much as 28 percent to its lowest in almost four years, before trimming losses after the No. 2 lender's joint managing director said the bank's exposure to the global financial crisis was small and it had sufficient liquidity.
Sliding stocks sent the rupee to an all-time low against the dollar, while a cash crunch lifted overnight cash rates to their highest in 19 months.
Alarmed by the turn of events, the Reserve Bank of India (RBI) slashed its cash reserve requirement for banks to free up some $12 billion in funds, but the move failed to calm jittery nerves.
"Investors confidence has been shattered by the kind of falls we have seen. Global markets are playing havoc and nobody is sure how much pain is still left," said K.K. Mital, head of portfolio management Services at Globe Capital.
To read the full article, click here..
To read the ePaper, visit: http://www.newsindia-times.com
ICICI Bank plunged as much as 28 percent to its lowest in almost four years, before trimming losses after the No. 2 lender's joint managing director said the bank's exposure to the global financial crisis was small and it had sufficient liquidity.
Sliding stocks sent the rupee to an all-time low against the dollar, while a cash crunch lifted overnight cash rates to their highest in 19 months.
Alarmed by the turn of events, the Reserve Bank of India (RBI) slashed its cash reserve requirement for banks to free up some $12 billion in funds, but the move failed to calm jittery nerves.
"Investors confidence has been shattered by the kind of falls we have seen. Global markets are playing havoc and nobody is sure how much pain is still left," said K.K. Mital, head of portfolio management Services at Globe Capital.
To read the full article, click here..
To read the ePaper, visit: http://www.newsindia-times.com
Labels: BSE, collapse, dollar, funds, Globe Capital, ICICI Bank, Lehman Brothers, RBI, Sensex, Shares, stocks
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