MUMBAI: Memories from a viral outbreak five years ago returned on Monday to combine with worries of weak earnings, falling currency and slowing economic growth, whipping stocks and erasing ₹11 lakh crore of investor wealth.
The BSE Sensex and NSE Nifty crashed more than 1.5% each and the fear gauge Vix rose the most in four months, on a day India detected multiple cases of the Chinese-origin human meta-pneumovirus (HMPV).
Lacklustre quarterly updates by banks over the weekend signalling slower credit growth worsened sentiment. Banking behemoth HDFC Bank reported credit growth of 3% on-year in its quarterly update for the third quarter of FY25, which disappointed markets. The bank's shares closed 2.23% on the BSE.
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