Panic sell-off on Indian stock markets casts doubt on 'Modi miracle'
INDIA'S commercial banks and property finance companies have been savaged in a day of wild trading on the Mumbai bourse, plagued by default scares and a draconian crackdown by regulators.
Shares of Dewan Housing Finance crashed 43pc, while Reliance Home Finance, Bajaj, Gruh, Repco and Indiabulls all plummeted by double-digit figures yesterday. The trigger was fear of spreading distress in the short-term commercial paper market as financial conditions tighten.
Yes Bank, the country's ...