Poor performance by benchmark Indian indices
The Indian rupee touched a 28-month low during the intraday trade, falling to Rs 68.05 to the US dollar.
Even after paring down the intraday losses slightly, the Indian benchmark indices recorded their 20-month low marks.
The global equities market was jarred by the news of an impending global recession and some likely debt defaults according to media reports.
Stocks in the banking, metal and realty categories were among the worst affected with their share prices dropping by 2-3%.
Bajaj Auto, Wipro and Hero MotoCorp reported marginal gains.
Despite strong quarter three results on Tuesday, shares of Reliance Industries took a beating on Wednesday, losing as much as 5% in the intraday trade, to finally close at 3.76% down.
Adani Ports, SBI, Coal India, Maruti, Tata Motors and Tata Steel were some of the big losers,
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