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FM unruffled by stock market crash

FM who had dubbed as 'technical correction' the fall in market on May 16, virtually took in his stride the day's sharp decline.

india Updated: May 18, 2006 18:11 IST

Appearing unruffled by the over 600-point plunge in stock market this morning, Finance Minister P Chidambaram said every movement in the bourses did not require a comment.

Chidambaram, who had dubbed as 'technical correction' the fall in market on May 16, virtually took in his stride the day'ssharp decline in the stock markets.

"Everyday movement in the stock markets does not require a comment," he told reporters, when asked about the fall in Bombay Stock Exchange's benchmark Sensex.

The BSE Sensex crashed nearly 600 points to 11,618.08 points at noon today, the largest fall in the bourse history. The National Stock Exchange index Nifty also suffered the biggest loss of 186.20 points at 3448.90.

Interestingly, Chidambaram had two days ago termed the 440-point fall in the BSE Sensex as a correction triggered by factors, including a fall in metal prices and increase in the US Fed rate. Following his comments then, the markets had recovered to post marginal gain on May 16.

First Published: May 18, 2006 15:25 IST