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P-note unwinding pummels markets
Sensex plunges to its lowest level in 5 months. The ghost of participatory notes (P-notes) has returned to haunt Indian stock markets. Spooked by a possible government crackdown in the wake of a recent controversy over black money, some investors are offloading their equity holdings, say leading stockbrokers. According to data from the Securities & Exchange Board of India (Sebi), foreign institutional