Markets reacting to govt’s poor handling of coronavirus crisis: Chidambaram

Senior Congress leader and former finance minister on Monday blamed the sharp decline in benchmark stock indices on the government’s poor handling of the crisis facing the country.

The BSE benchmark and the Stock Exchange (NSE) suffered a sharp decline in early trading on Monday. At 12:20 pm, the was 1,817 points, or 5.33 per cent lower than its previous close, at 32,287. The was down 507 points, or 5.09 per cent, at 9,448.

In a series of Twitter posts, Chidambaram said: “As expected the market has taken a dim view of the virtually coerced investment by SBI and private sector banks in the equity of the failed YES Bank… The and are also reacting adversely to the government’s handling of the challenge.”

Commenting on Prime Minister Narendra Modi’s move the previous day to get in touch with other member nations of the South Asian Association for Regional Cooperation (Saarc) and proposing a common fund to deal with coronavirus, Chidambaram said: “There may be advantage in doing a video conference with member nations.

But I think it is more important for the PM to confer immediately with the chief ministers… I think the states are ahead of the Centre in handling the crisis. The time has come for the central government to take firmer, bolder and tougher measures.”

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