The Reserve Bank of India’s curbs on Yes Bank and a heavy sell-off in global markets triggered by coronavirus concerns led to a meltdown in Indian markets with the Sensex plunging 894 points and the Nifty crashing below the 11,000-mark on Friday. After diving over 1,459 points during the day, the 30-share BSE Sensex settled 893.99 points, or 2.32 per cent, lower at 37,576.62. The NSE Nifty tanked 279.55 points, or 2.48 per cent, to close at 10,989.45, even as bank stocks fell across the board. The rupee, which plunged below 74 during the day, closed 54 paise lower at 73.87 against the US dollar, amid mounting concerns over coronavirus and the latest woes in the banking sector. Yes Bank shares came under selling pressure, sinking 56 per cent to Rs 16.20 after the bank was placed under a 30-day moratorium by the RBI. The company’s market cap fell Rs 5,266 crore to Rs 4,131 crore on the BSE. “The already weak sentiments have been dented further. The series of accidents in the Indian financial sector sends out a very poor message to the foreign investors. The negative bias is expected to sustain in the near term,” said Gaurav Dua, head-capital market strategy, Sharekhan by BNP Paribas
