FM unruffled by market crash

Appearing unruffled by over 600-point plunge in stock market on Thursday morning, finance minister P Chidambaram said every movement in the bourses did not require a comment.

Chidambaram, who had dubbed the fall in market on May 16 as 'technical correction', took in his stride Thursday's sharp decline in the stock markets.

"Everyday movement in the stock markets does not require a comment," he told reporters, when asked about the fall in Bombay Stock Exchange's benchmark Sensex.

https://in.rediff.com/money/2006/may/18sensex.htm

The BSE Sensex crashed nearly 600 points to 11,618.08 points at noon on Thursday, the largest fall in the bourse history.

The National Stock Exchange index also suffered the biggest loss of 186.20 points at 3448.90.

Interestingly, Chidambaram had two days ago termed the 440-point fall in the BSE Sensex as a correction triggered by factors, including a fall in metal prices and increase in the US Fed rate. Following his comments then, the markets had recovered to post marginal gain on May 16.

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