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Markets

Indian stocks crash by 13% in one day as economic activity stops

City life ground to a halt as nonessential services shut down for the rest of the month

New Delhi erects barricades to limit movement to stem the spread of coronavirus as the government orders all nonessential businesses to shut for a time.   © Reuters

NEW DELHI -- Nonessential businesses across India shuttered their operations on Monday until the end of March on government orders to battle the spread of novel coronavirus, sending stocks tumbling more than 13%. 

Manufacturing industries in major cities -- including automobiles, smartphones and home appliances -- suspended production, dealing a fresh blow to the economy that grew at a sluggish rate of 4.7% in the October-December quarter.

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