MUMBAI, Jan. 21 (UPI) -- Indian stock markets, ignoring the country's booming economy, sold off Monday, suffering their largest ever losses on concerns of a U.S. recession.
The country's main 30-stock Sensex index in Mumbai dropped nearly 1,409 points, its single-day largest loss, to close at 17,605.35. The index had lost more than 2,062 points in intraday trading before trimming some of that at close.
Monday's closing surpassed the previous record loss of 826 points May 18, 2006, the report said.
The Sensex has lost a total of 3,170.08 points in the past six trading sessions after reaching an all-time high of nearly 21,207 on Jan. 10.
India's smaller National Stock Exchange's Nifty index also suffered record losses Monday, dropping 496.5 points to close at 5,208.8.
Other Asian markets also took hits on concerns of a U.S. recession.
The Indian government blamed global uncertainties for the market performance but warned investors against market rumors.
"Orderly growth of the capital market is a priority of the government," Indian Prime Minister Mammohan Singh said, PTI reported. "I want to assure the citizens of India that sustained growth of the market is a priority."
