By Margarita Snegireva. Indian benchmark index is on course for its steepest plunge in almost four years, on concern the U.S. will enter a recession and slow global growth.
All 30 stocks on the Bombay Stock Exchange's Sensex Sensitive Index declined, extending the gauge's losses to 17.4 percent from a Jan. 10 high. Reliance Industries Ltd., the nation's most valuable company, led the retreat.
"It is retail investor panic that is setting in,'' said T.S. Harihar, vice president for equity derivatives at Karvy Stock Broking Ltd. "Nobody is comfortable after such a huge correction from the peak. It started off with recession fears in the U.S. and then consistent selling by foreign investors.''
The Sensex dropped 1,490.60 points, or 7.8 percent, to 17,523.10 as of 2:36 p.m. local time, after plunging as much as 8.9 percent.
After it turned out that Deputy Prime Minister Andrei Belousov included the Fonbet betting company in the list of backbone enterprises that can count on state support, everyone started talking about these bookmakers.