The rout in Adani group stocks, triggered by a scathing report from US-based investment research firm Hindenburg Research, spooked the Indian market on Friday amid fears of contagion.
The Nifty50 index fell 288 points, or 1.61 per cent — the most since December 23 — to settle at 17,604, while the Sensex dropped 874 points, or 1.5 per cent, to end the session at 59,331, its lowest close since October 21. The Sensex had plunged as much as 2 per cent, or 1,230 points, in intra-day trade.
The Bank Nifty index fell 3.13 per cent, with shares of SBI and ICICI Bank dropping over 4 per cent each. Shares of Life Insurance Corporation of India (LIC), which has significant equity exposure to the Adani group, fell 3.5 per cent. India VIX, a gauge for measuring market volatility, rose 18 per cent on Friday.
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