India out of trillion-dollar stock market club

MUMBAI: Diversified funds, which posted their best annual returns in four years in 2007, lost all their gains of last year in the first half of 2008, as per data from fund tracker Lipper. These funds’ net values plunged 38.8 per cent on an average. Nine out of ten such funds fell more than the Sensex.

Rupee at 15-month low

MUMBAI: The rupee dropped to a 15-month low on Tuesday as investors were frightened by a combination of high crude prices, a record monthly trade deficit and another sharp fall in the stock market. The rupee ended at 43.34/36 per dollar, taking its fall this year to more than 9 per cent.