January 15, 2008: Citigroup, the largest bank in the US, reported a $9.8 billion loss for the fourth quarter and wrote down $18 billion in sub-prime losses.
Sensex tumbled to a low of 19,513, down 738 points on January 16.
January 28, 2008: Belgian bank Fortis warned its losses connected to bad US mortgage debt could be as high as $1.47 billion.
Sensex ended down 61 points at 18,091.
January 29, 2008: The US Federal Bureau of Investigation launched an investigation into 14 companies involved in the sub-prime mortgage crisis.
Sensex continued to be in the red, as it ended down 333 points at 17,759 on January 30.
January 30, 2008: The US Federal Reserve cut interest rates to 3% from 3.5%. It was the second cut in nine days. US economic growth slowed.
Sensex ends down 110 points at 17,649 on January 31.
February 5, 2008: US financial firm GMAC, which owns sub-prime lender Residential Capital, said it has made a $2.3 billion loss in 2007, compared with a $2.1 billion profit the year before.
Image: The headoffice of Fortis Bank in Utrecht | Photograph: Lex Van Lieshout/AFP/Getty Images
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