Indian markets plunged nearly 3.5% on Monday as disappointment over the stimulus package and soaring coronavirus infections prompted investors to dump stocks.
The BSE Sensex ended at 30,028.98, down 1,068.75 points, or 3.44%, while the 50-share index Nifty closed at 8,823.25, down 313.60 points, or 3.43%.
The India volatility index rose 7.58% to close at 40.90, reflecting renewed investor anxiety. After Prime Minister Narendra Modi announced on 12 May a ₹20-trillion stimulus package and the goal of national self-reliance, the government rolled out a series of measures addressing small businesses, migrant workers, the farm sector, and rural jobs, among others.
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