Indian Share Market crashes on Global Meltdown

Mumbai, Aug 10 (IANS) Amid a depressing mood in the global markets and some heavy selling by foreign and domestic funds, Indian equities crashed Friday leading to a free fall of over 500 points, or 3.5 percent, in a key index.

The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened lower at 14,674.92 points, against the previous day's close of 15,100.15, was down as much as 529.26 points at 14,570.89 points in the early hours of trading.

After some range-bound trading, the index moved up slightly to 14,687.71 before noon - still down 412.44 points, or 2.73 percent, over the previous close. As many as 29 of the 30 stocks that make up the Sensex, were trading in the red.

Reliance Communications, Housing Development Finance Corp, Tata Steel, Tata Consultancy, National Thermal Power, Hindalco, ICICI Bank, Maruti Udyog, and Bharti Airtel were among the top losers.