Chinese stocks crash drowns Indian markets; Sensex plunges 1,430 points (Third Lead)

Global market sell-offs sparked by a major crash in Chinese stocks drowned Indian equities markets - with a barometer index plunging over 1,430 points during the late-afternoon session on Monday.

The barometer 30-scrip sensitive index (Sensex) of the S&P Bombay Stock Exchange (BSE) which opened at 26,730.40 points, was trading at 25,935.38 points (at 2.40 p.m.), down 1,430.69 points or 5.23 percent from its previous close of 27,366.07 points.

The benchmark index touched a high of 26,730.40 points and a low of 25,841.96 points during the intra-day trade so far.

The wider, 50-scrip Nifty of the National Stock Exchange, followed a similar trend and was ruling at 7,856.70 points, with a loss of 443.25 points or 5.34 percent.

Analysts cited weak global cues and a steep fall in Shanghai stocks, along with concerns over the Indian government's stand on minimum alternate tax (MAT) as reasons for the sharp fall.