The great Indian stock market tumble

For months, until January 21, the Indian stock market defied gravity as other regional markets went down like ninepins. But then, like many other countries, India earned its own Black Monday. The Sensex, India’s major stock index, crashed by 1,408 points, the biggest one-day drop in the 133-year history of the BSE, Asia's oldest exchange. Since that time, the market has been gyrating, claiming as a victim the IPO of Reliance Power Ltd, whose shares subsequently nosedived, wiping out billions in market capitalization.

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