Markets slide after UBS rescue of Credit Suisse; Nifty ends below 17,000

FPIs sell shares worth over Rs 2,500 crore

The Indian stock market dropped on Monday amid a sharp decline in the shares of Credit Suisse and UBS as investors weighed the potential impact of the rescue deal.

UBS Group’s agreement to buy rival Credit Suisse did little to assuage fears about the global banking crisis — first triggered by the collapse of US-based Silicon Valley Bank. Investors dumped risky assets and commodities to move to safer assets like bonds and gold.

The Sensex slumped as much as 905 points in intra-day trade, but recouped two-thirds of the losses to close at 57,629, down 361 points, or 0.62 per