(Bloomberg) — India’s rupee weakened toward a record low and stocks tumbled after the central bank seized control of beleaguered Yes Bank Ltd., intensifying the risk-off mood fueled by the spread of coronavirus cases in India.The S&P BSE Sensex slid 3% to 37,322.59 in Mumbai at 10:35 a.m., entering correction zone. The rupee declined as much as 1.1% and was set for a record low of 74.4825 per dollar seen in 2018.“Investors have turned risk averse and the contagion is likely to hit smaller bank and non-bank finance companies,” said Abhimanyu Sofat, Mumbai-based head of research at IIFL Securities Ltd. …read more
Source:: Yahoo Finance
