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Turns out that fears of a possible recession in the US has wreaked havoc to Asian stocks, India and China in particular.
The worst hit was the Indian BSE, which fell by 1408.35 points — a fall of 7.41%. This resulted in trading being halted amid some disastrous speculations (which, of course, begs the question on BSE’s ability to run a stock exchange after such a drama).
This leads us to question the fundamentals of the Indian economy — while China has reasonably good infrastructure and manufacturing to back up its economy, the Indian economy seems to be increasingly modelled after Western styled economies, without the basic infrastructure and economic fundamentals to back it up.
It would certainly be interesting to see how the next few days play out.
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