Sensex crashes: Prime Minister calls for an urgent meeting
Posted on: 16/Aug/2013 4:47:10 PM
There has been slaughter on Dalal Street with the Sensex crashing more than 700 points and the rupee hitting a record low of 62 to the dollar forcing the Prime Minister`s Office to call a high-level meeting. Nifty also fell drastically over 200 points down to its biggest percentage fall in two years. On Friday, while the Sensex closed 749 points down, Nifty was 225 points down.
Sources say the meeting called by the PMO will also be attended by top Finance Ministry official as there are no signs of the economy improving even though Prime Minister Manmohan Singh in his Independence Day speech had assured that the economy will pick up soon.
The markets are feeling the heat of the Reserve Bank of India`s (RBI) announcement on Wednesday curbing forex outflows. The RBI has put restrictions on the amount of forex domestic companies and individuals can invest or send overseas.
