Sensex crashes over 1200 points for its biggest intra-day fall in more than seven years

The 30-share Sensex at the Bombay Stock Exchange plummeted by over 1200 points on Monday.

A short while ago it was reported that there was a drop of over 1,077 points to 26,289 in afternoon trade.

At one stage, the Sensex had crashed over 1,200 points, for its biggest intra-day fall in seven-and-a-half years.

The National Stock Exchange (Nifty) had slumped 339 points, to 7,961 a short while ago.

The massive market sell-off wiped-out more than three lakh crore rupees worth of investor wealth.

The markets were battered down on intense, across-the-board selling by investors, amid a global sell-off, on worries that the Chinese economy was slowing more than expected.

The Chinese stock market was down a massive 8.5 percent.

Other key Asian bourses in Japan, Hong Kong, South Korea and Singapore had slumped between 2.4 percent and 5 percent. European markets in the UK, Germany and France had been beaten down by between 2.4 percent and 3 percent respectively.