Indian shares skidded over 6% in the waning moments of trading on Wednesday, with financial stocks suffering the most, as fears of the economic damage from the coronavirus pandemic eclipsed sweeping stimulus moves from policymakers around the world.
The Nifty slipped below 8,500 to hit a fresh 3-year low but pared some losses to close 5.5% lower at 8,468.80. The benchmark Sensex tumbled 5.59% to 28,869.
Global stocks stumbled back into the red on Wednesday with Wall Street futures pointing to more losses ahead on growing fears over the coronavirus fallout.
In Indian trading, financial stocks have been the hardest hit this week - the Nifty bank index fell over 7% on Wednesday.
A total of 276 Indians have tested positive for coronavirus overseas to date, an Indian government minister said on Wednesday.
On the blue-chip Nifty 50 index, Indusind Bank was the top loser, crashing over 30% to settle 24% lower.
The Nifty auto index closed 5% down with Hero Motocorp tumbling over 8%.
Among the gainers on the Nifty 50 index, Yes Bank Ltd which surged nearly 50% during the day, trimmed gains to close over 5% higher.
