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Panic sell-off on Indian stock markets casts doubt on 'Modi miracle'

Sep 22, 2018 - The Daily Telegraph (London)

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 ...