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Wednesday, Sep 18, 2019

FM terms market meltdown as correction

Chidambaram termed the steep fall in the stock market as a correction triggered by factors, including a fall in metal prices.

india Updated: May 16, 2006 13:21 IST
Press Trust of India
Press Trust of India
None
Hindustantimes
         

Finance Minister P Chidambaram on Tuesday termed the steep fall in the stock market as a correction triggered by factors, including a fall in metal prices.

"I will put it as a correction provoked by reasons which are quite understandable.

"All metal prices are down and there is some impact of cement prices... And increase in US Fed rate. All markets are doing the same," he said.

The Bombay Stock Exchange benchmark Sensex on Tuesday continued its fall for the fourth successive session and tanked 438 points at noon.

First Published: May 16, 2006 13:21 IST