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.