"Shadow Banker in India Misses Three Debt Payments Due Friday" https://www.bloomberg.com/news/arti...n-india-misses-three-debt-payments-due-friday "India's NPL Crisis Erupts: A Major Shadow Bank Defaults On Three Debt Payments" https://www.zerohedge.com/news/2018-09-22/tic-tac-toe-indias-npl-crisis-about-blow "India Stock Market Rocked by Sudden Plunge in Financial Shares" https://www.bloomberg.com/news/arti...tocks-gain-as-investors-review-profit-outlook "Indian stocks tumble as Yes Bank leads decline" https://www.ft.com/content/21dacacc-bd7e-11e8-94b2-17176fbf93f5 Yes Bank Limited NSE: YESBANK 225.15 INR −94.05 (29.46%) Dewan Housing Finance Corporation Ltd. NSE: DHFL 337.00 INR −273.55 (44.80%) https://finance.yahoo.com/quotes/DHFL.NS,YESBANK.NS/view/v1 .
The drop was totally out of the blue. In fact, 3 weeks ago, Indian stock market hit the record high. wonder what is the repercussion to other countries banks.
Yes it is quite unusual. These are the types of declines that you would usually see at the end of a move (eg. March 2009) rather than the start. However given the massive one-day declines, I'm interested to see how things play out in the coming week. .
Do you have access to the Indian financial markets? https://timesofindia.indiatimes.com...tly-in-Indian-stocks/articleshow/11331706.cms
I'm not sure yet! At the very least there is possible spillover into the USDINR, which I do have access to. .
Most likely over next few days, India CNX Nifty should still be very good for day trading. Day range will probably shrink day by day.
"In Shock Move, India Nationalizes Giant Shadow Bank At Center Of Market Rout" https://www.zerohedge.com/news/2018...onalizes-giant-shadow-bank-center-market-rout .