Sensex falls over 350 points, Nifty below 16,900 on crisis in US banking sector
“Bad news has shifted from the US to Europe. The refusal of Credit Suisse’s largest shareholder Saudi National Bank to infuse more equity sent the stock plummeting by 30% thereby impacting the European Bank Index which sharply corrected by 8.4%. Since all banks are interconnected, fears of banking contagion are impacting markets,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said.
