India's Stock Market Clobbered

India's benchmark Sensex tumbled 1,070 points, or 11 per cent, to close at 8,701 on Friday, Oct 24, its third biggest loss ever and its lowest since Nov 24, 2005. The Nifty, the leading index for large companies on the National Stock Exchange of India, lost 359 points, its second highest drop to close at 2,584.

Analysts believe that many emerging market funds in the U.S. and Europe are being cashed by investors who are on the ropes from the global crisis

Real Estate developer DLF was the biggest loser shedding nearly 24 per cent of its value. Reliance Industries, India's largest company, alone lost over $6 billion in a single day dropping over 16 per cent.

Indian stocks have lost 57% of their value this year, wiping out Rs 45 trillion ($900 billion) in value. The Sensex was at its peak at 21,000 on Jan 10, 2008.