The year 2020 is already the most volatile for Indian stocks in nine years as the novel coronavirus outbreak threatens to cripple a slowing economy.
So far this year, there have been six instances when the benchmark NSE Nifty 50 has moved more than 3 percent in one day, the highest number of such swings since 2011, according to Bloomberg data. Of these, the 50-stock gauge lost more than 3 percent in five cases.
Indian equities have tumbled more than 30 percent from their January peaks, tracking the global peers, as the number of Covid-19 cases mounted.
That comes amid projections that Asia's third largest economy will grow at its slowest pace in a decade in 2019-20. Foreign investors, too, have pulled out the most from domestic stocks since the 2013 taper tantrum.
The recent rout also led to 27 Nifty 50 stocks fall below the levels seen during the demonetisation period in 2016.
Click Here To Find Out How BSE Sensex and NSE Nifty 50 Fared Today
Global rating agencies, including Moody's Investors Service and S&P Global Ratings, have lowered India's GDP growth forecast for 2020 on coronavirus concerns.
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