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Indian stocks suffer worst day in 4.5 years on virus panic, oil price crash

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Other South Asian markets and their currencies were also hit. FMTNews India Stock

BENGALURU: Indian stocks on Monday recorded their worst single-day fall in more than four years, tracking global markets lower, as panic over the economic fallout of the coronavirus outbreak intensified and oil prices plummeted.

“Panic is an understatement,” said Manav Chopra, head of research for equity at Indiabulls Securities Ltd in Mumbai. “Important support levels have been breached with ease in this environment,” he said of the Nifty 50. Analysts expect the decline in crude prices to help boost economic growth in India, one of the world’s top oil importers, but shares in large oil companies slumped on Monday.

 

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