FM urges calm amid stock market fall

FM urges calm amid stock market fall
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First Published: Tue, Jan 22 2008. 11 02 AM IST
Updated: Tue, Jan 22 2008. 11 02 AM IST
Reuters
New Delhi: Indian investors should stay calm in the face of sharp stock market falls as the fundamentals of the economy are strong, Finance Minister P Chidambaram said this morning.
Indian shares fell more than 11% in the first few minutes of trade as panic-stricken investors dumped stocks, setting off circuit breakers that automatically halted trade for an hour.
“We had anticipated the market to open on a downward trend and hit the circuit breaker. My advice to investors is to stay calm,” Chidambaram told reporters.
“The economy will grow this year at close to 9% and even according to Dr. Rangarajan’s committee report it will grow 8.5% next year.”
Rangarajan heads the prime minister’s Economic Advisory Council.
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First Published: Tue, Jan 22 2008. 11 02 AM IST