Leading trade and industry chambers on Monday urged the investor community to remain calm and said the economic fundamentals were strong and the stock market crash was a "panic reaction".
"There is some panic reaction and there is still sometime for the new government to come into play. It is time to remain calm as economy is in good condition and industry itself is expecting good performance," N Srinivasan, director general (designate), Confederation of Indian Industry told PTI.
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He said the stock market crash was also a result of the impact of Asian financial markets, which witnessed a downslide.
Asked about the allegations made by Left parties that the crash was a result of a rightist bear cartel, Srinivasan declined to comment.
Federation of Indian Chambers of Commerce and Industry secretary general Amit Mitra also declined to comment on this.
However, he said it was a matter of two-three days and once the Common Minimum Programme is on the table, the markets would stabilise.
Mitra said five per cent of the market worked on probabilities and 90 per cent on fundamentals and after the new government takes over, buyers will return.
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