Dalal Street caught in bear grip as equity benchmarks fell more than 1 percent and the broader markets shed more than 2 percent. Nifty Auto and Bank indices were down 2 percent each while Realty plunged 4 percent.
Ratings agency Moody's has maintained its stable rating on India in its recent report and expects to see strongest profit growth among corporates in India in the Asia Pacific region.
The firm sees sustained economic growth, commissioning of additional production capacity and higher commodity prices that will boost corporate earnings in India.
