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On 21 January, 2008, the Sensex fell by 1408 factors to shut at 17,605. Lakhs of rupees of buyers’ cash had been misplaced. Even the BSE stopped buying and selling until 2.30 pm resulting from a technical fault.
Following the crash, a number of media publications headlined information concerning the occasion as “Black Monday”.
International markets had been crashing at the moment as effectively. Within the United States (US), there was a risk of a recession. Amid rates of interest being slashed, there was additionally immense volatility in commodity markets.
Additionally, the information of American funding banking agency Lehman Brothers going bankrupt had damage the financial state of affairs additional and despatched markets right into a downward spiral.
Talking to The Quint, Securities and Exchange Board of India (SEBI)-registered monetary advisor Jitendra Solanki mentioned that the crash in 2008 was one of many worst world financial crises on the planet, which was brought on by elevated lending to low-income consumers and enormous dangers taken by world monetary establishments.
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