It happened in a flash: At 9.49 am, the S&P Nifty, the benchmark index of NSE, plunged 900 points, or 16 per cent, within two minutes.
The crash, which wiped out over Rs 3 lakh crore ($58 billion), was caused by a mere Rs 650-crore sell order by Emkay Global Financial Services.
The single order, placed in 59 trades, including blue chips like State Bank of India, ITC and others at a significantly lower price, pulled down the index from 5,773 to 4,888.
Nifty finally closed on Friday at 5,747.
Text: Business Standard and Agencies