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Indian Stocks Plunge 10 Percent

Monday May 22, 8:51 am ET

Indian Stocks Plunge 10 Percent; Trading Halted for an Hour

BOMBAY, India (AP) -- India's benchmark stock index tumbled more than 10 percent Monday, hitting its daily drop limit and triggering a one-hour halt to trading, as investors dumped blue chips that have surged over the last year.

The 30-share Sensex plunged 1,111.70 points -- the biggest point drop -- or 10.2 percent, to 9,826.9, in two hours of trading Monday morning. On the rival National Stock Exchange, the 50-share S&P Nifty index fell 350.45 points, 10.8 percent, to 2,896.45.

The Sensex has fallen 20 percent since reaching an all-time high of 12,612, points on May 10, nearly double where it was last April.

Many believe the market has climbed too high too fast.

"What has happened is a certain amount of nervousness in the market. My advice to retail investors is to stay invested," said Finance Minister P. Chidambaram.
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