Corona threat: Shares crash, Rupee hits new low

Mumbai: Indian stocks plunged over 9 per cent today, as the rapidly spreading coronavirus pandemic sent major states including the country’s capital into a lockdown amid increasing fears that outbreak could bring world economies to a grinding halt.

Over the weekend in India, the virus drove several companies to shut operations and the government sent states into lockdowns, bringing normal life to a grinding halt.

“Panic has gone up domestically because of the lockdown situation,” said Vinod Nair, head of research at Geojit Financial Services.

“There is fear that the situation will not be brought under control soon.” The rupee hit a fresh record low of 76.05 against the dollar.