Indian markets slid by more than 6 per cent soon after opening Monday, tracking drops on other Asian markets.
The benchmark 30-share Sensitive Index of the Bombay Stock Exchange dipped by more than 6 per cent to 8,051, its lowest point in three years, soon after opening. It recovered marginally and was trading at 8,279.27, about 4.85 per cent lower, by mid-morning.
The broader 50-share Nifty index of the National Stock Exchange also dipped by 6.39 per cent and was trading at 2,418.9.
Heavy selling hit heavyweight stocks like the engineering firm Larsen and Toubro Ltd and HDFC Bank Ltd. At least 27 of the Sensex stocks were in the red and three stocks were in positive territory.
The Sensex fell by nearly 11 per cent Friday, and analysts ascribed the continued slide to a withdrawal of funds from the Indian markets by foreign institutional investors as well as fears by smaller investors of a global recession.
Shares fell 2.1 per cent Friday on the Seoul stock exchange on general recession fears. South Korea's won dropped against the dollar.
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