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Market crash due to FII 'influence': CPI-M
May 17, 2004 12:04 IST
The Left parties termed today's (Monday) crash of the stock market as not having any link with the economic fundamentals but the result of the "influence" the foreign institutional investors have on the trading system.
"The loss (over stock market crash) is notional and adjustments keep taking place. There is no direct link of the fall (in Sensex) with the fundamental economic structure of the country," CPI(M) leader Nilotpal Basu said in New Delhi.
Reacting to the Sensex crash by over 800 points in the morning, he said there was an urgent need for capital market reforms to facilitate large-scale entry of small investors in stocks' trading.