Here are 10 things to know about the bloodbath in markets today:
The lower circuit in the Indian markets was triggered for the first time since the 2008 global financial crisis. The next circuit breaker limit for the benchmark indices is at 15 per cent.
Investors continued to panic over the impact of the fast-spreading coronavirus outbreak on global growth, say analysts.
The rupee dropped to a record low on Friday, weighed down by worries over the coronavirus pandemic that has prompted investors to dump riskier assets and move towards safe havens.
Equities in other Asian markets went into a free-fall, with Japan's Nikkei 225 index dropping 10 per cent, and heading for its worst week since the 2008 global financial crisis. MSCI's broadest index of Asia-Pacific shares outside Japan fell 2 per cent.
Analysts say that global economy is likely to bear the brunt of the coronavirus pandemic as the number of cases soars and policymakers scramble to shield major economies from the outbreak.
The selloff gathered pace after US President Donald Trump's announcement to ban travel from Europe spooked investors, and after the European Central Bank disappointed markets by holding back on rate cuts.
Concerns over the virus have hammered financial markets and disrupted businesses globally as countries around the world grapple with how to contain the outbreak and its economic impact.
Investors worry whether the stimulus steps can quickly turn around the global economy as concerns grew that the number of infections could quickly snowball in many countries.
More than 1,00,000 people have been infected by the virus around the globe. Late on Thursday, India reported its first death due to the virus.
On Thursday, the S&P BSE Sensex index had declined 2,919.26 points - 8.18 per cent - to end at 9,590.15, and the broader NSE Nifty benchmark fallen 868.25 points - or 8.30 per cent - to settle at 9,590.15, in their worst plunge ever in absolute terms.
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