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  5. When Rs 3 lakh crore got erased in 2 minutes

When Rs 3 lakh crore got erased in 2 minutes

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TopNews, top biz stories, erase, s&P, nifty, NSE, markets, shares, stocks, Emkay Global Financial Services, blue chips, brokerage, sebi, crash
Single order

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

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