Monday mayhem: Steepest fall in Sensex, crashes over 1,625 points

Mumbai, Aug 24: Global markets sell-off sparked by a major crash in Chinese stocks drowned Indian equity markets with a barometer index plunging 1,625 points or around 6 percent on Monday.

The global bearish sentiment led the barometer 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) to its steepest dive.

The S&P BSE Sensex which opened at 26,730.40 points, closed at 25,741.56 points, down 1,624.51 points or 5.94 percent from its previous close of 27,366.07 points.

The benchmark index touched a high of 26,730.40 points and a low of 25,624.72 points during the intra-day trade.

The wider, 50-scrip Nifty of the National Stock Exchange followed a similar trend and closed 491 points or 5.92 percent down at 7,809 points.

Analysts cited weak global cues eminating from a continuous slide in the Chinese markets, along with concerns over the Indian government's stand on minimum alternate tax (MAT) as reasons for the sharp fall on Monday.

IANS