FM holds meeting on market situation

Chidambaram held an emergency meeting with top officials of his ministry to take stock of the situation on the stock market, which crashed by over 1,100 points in the morning.

Finance Minister P Chidambaram on Monday held an emergency meeting with senior officials of his ministry to take stock of the situation on the stock market, which crashed by over 1,100 points in the morning.

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The meeting was attended by Economic Affairs Secretary Ashok Jha, Chief Economic Advisor Ashok Lahiri and Joint Secretary (Capital Market) KP Krishnan.

Even as the ministry officials met, stock market authorities, including regulator SEBI and Reserve Bank of India, said they were watching the market movements closely.

Trading, which was suspended after the market hit the lower circuit, resumed and it recovered more than 60 per cent of the lost ground within a short time.