Indian Sensex swings a massive 20% in a single day
Shekar Karat
Oct. 17, 2007

The stock market in India opened 1800 points lower with a massive crash (close to 10%) and then reversed itself and rallied back to recover 1500 points. The euphoric bubble in Indian equities showed a spectacular swing as Indian Security went back and forth in a volatile mode covering 20% of the total value in a single day. Trading was suspended for an hour. Securities and Exchange Board of India (SEBI) proposed to tighten the rules for purchase of shares and bonds in Indian companies through the participatory note (PN) route. That affects the way the FIIs buys Indian equities using carry trade. The move also scared the investors in the fact that India is well known for its arbitrary moves to curb foreign investment.

Sensex closed 336 points lower after the Finance Ministry assured the investment community that participatory note (PN) route is not banned but kind of tightened.

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