The Indian equity indices slumped on Friday in early trade as the BSE Sensex index nosedived as much as 1459.52 points to hit 37,011.09 on the back of Coronavirus scare and the RBI’s decision on YES Bank.The Nifty50 on the National Stock Exchange was trading at 10,938.75, lower by 330.25 or 2.93 per cent from its previous close.The slump across the sectoral indices was led by the finance and banking stocks as a new wave of fear about the spread of the Coronavirus and its economic impact gripped investors globally.Also, on Thursday, the Reserve Bank of India superseded the board of troubled private sector lender YES Bank and imposed a 30-day moratorium on it “in the absence of a credible revival plan” amid a “serious deterioration” in its financial health. During the moratorium, which came into effect from 6 pm on Thursday, YES Bank will not be allowed to grant or renew any loans, and “incur any liability”, except for payment towards employees’ salaries, rent, taxes and legal expenses, among others.
The Nifty50 on the NSE was trading at 10,938.75, lower by 330.25 or 2.93 per cent from its previous close amid Coronavirus fears
