Govt says stock market crash due to global factors

A sharp fall in the local stock market on Monday was triggered by uncertainties in the global economy and was in no way related to any change in India's economic fundamentals, the government said on Monday.

"The fundamentals in the domestic economy are quite strong. Today's market fall reflects the continuing uncertainties in the global economy and not any change in the fundamentals of the Indian economy," the government said in a statement.

Indian shares tumbled almost 11 percent to a four-month intra-day low on Monday, suffering their biggest intra-day points fall ever on margin calls and foreign selling, before paring their losses to end down 7.4 percent.

Source: Reuters