World’s Biggest Lockdown Triggers Record Stocks Crash in India

India will suspend all domestic flights from midnight Tuesday, the final piece of a nationwide lockdown that threatens Prime Minister Narendra Modi’s attempts to revive an economy already expanding at the slowest pace in more than a decade, Bloomberg News reported. The open-ended flight ban compliments a nationwide cancellation of all passenger trains, as authorities try to halt the spread of the coronavirus in the world’s second-most populous nation, and one which has poorly equipped hospitals and inadequate social security. Stocks fell by a record and the rupee sank to an all-time low, while government bonds also declined. Over the past three days, state after state has declared curfews and India’s international borders have been shut for most visitors since March 11. India so far has 433 virus cases, including seven deaths. But experts say the country could be on the same trajectory as Italy, where the outbreak quickly escalated, causing hospitals to overflow. Read more

Location