As an after-affect of the steep fall in global stock markets, Indian stock markets also crashed steeply on Friday.
The country's main stocks SENSEX was down by over 400 points, while NIFTY slipped by over 130 points to reach at below-5200 points level in the opening trade today, reported the New Delhi Television (NDTV).
The main reason cited for the crash in global stock markets is the fear of another likely recession in the US.
The selling pressure in Indian stock markets was so huge that only 15 stocks on the BSE (Bombay Stock Exchange) 500 index were trading higher.
According to the TV report, at 10.15 am, the Sensex was down by 418 points to 17,275 points, and the Nifty was trading 128 points to 5204 points. Country's oil major Reliance fell nearly two percent.
Similarly, Information Technology major Infosys was down by over three percent to hit this year's low.
The TV report quoted Mark Mobius, Executive Chairman of Templeton Asset Management's (EM), as saying: "The main thing is the uncertain results in everybody withdrawing to what they concern as safe haven... In this case its more panic because the US treasury is no more considered safe." Sandeep Bhardwaj of Tower Capital was also quoted as saying: "It is just the beginning and wild moves are expected. Ultimately the western economies are realising that printing more money is not going to help... Economies need to shrink before they grow".