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Sensex Opens Down 1,689 points, Nifty Crashes Over 500 points

Panic sets in.
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Business Editor

Hindustan Times via Getty Images

Markets plunged on Wednesday following the news of India scrapping its Rs 500 and Rs 1,000 currency notes, and fears of Donald Trump winning.

Sensex opened 1,689 points lower and Nifty crashed 520 points.

As of 9:18 am, BSE Sensex was slightly up but still trading down 1,265 points, and NIFTY was still trading down 345 points at 8,197.90.

Rupee plunged 23 paise against US Dollar to 66.85 in early trade in the PM's move to fight black money.

Prime Minister Narendra Modi surprised the nation on Tuesday night with the announcement to scrap ₹500 and ₹1,000 currency notes presently in use in a move aimed at combating the scourge of black money, corruption and fake currencies that allegedly fund terrorism.

ALSO READ: 9 Things To Know About The ₹500 And ₹1,000 Currency Swap

ALSO READ: India Scraps ₹500 And ₹1,000 Currency Notes Presently In Use To Beat Black Money, Corruption

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This article exists as part of the online archive for HuffPost India, which closed in 2020. Some features are no longer enabled. If you have questions or concerns about this article, please contact indiasupport@huffpost.com.