Sensex plunged 11 per cent, the most in 16 years

India's benchmark sensitive index plunged 11%, the most in 16 years, tracking a sell-off in the global markets, and also as the Reserve Bank of India failed to announce additional measures in its half-yearly policy to stimulate the economy.

The central bank said it will continue to fight inflation, reducing the likelihood of easier lending to bolster growth.

Today's drop in the market shaved off Rs 3,24,000 crore worth of market capitalisation. In this week so far, the benchmark index, Sensex fell by almost 13%.

Broadbased Nifty-50 shed 490 points or nearly 16 per cent this week.

Asian markets fell as Hang Seng closed down 1142.11 points or 8.3%, Nikkei 225 closed down 811.9 points or 9.6%and Seoul Composite closed down 110.96 points or 10.57%. Yesterday, the Dow Jones Industrial Average closed 172 points or 2.02% higher.