business π Indian Stocks Take Big Hit; βΉ6.064 Trillion Wiped Out
A massive βΉ6.064 Trillion, equivalent to $63.2 Billion, has been wiped out from Indian stock markets. This sharp decline was witnessed in the NIFTY index, which fell by -1.6%. The sell-off was primarily triggered by the proposal of new caps on insurance sales commissions. This news caused a significant drop, especially in the financial and insurance sectors. Market watchers are now closely monitoring how the government's final decision on these caps will impact investor sentiment moving forward. π