Smallcaps slip into 'correction' zone; index down 10% from February

The drop in the smallcap index comes even as the benchmark Nifty logged a fresh record high in an earlier session

The National Stock Exchange Nifty Smallcap 100 Index on Tuesday slipped into ‘correction’ territory amid the market regulator voicing concerns about rich valuation and warning against the formation of bubbles.

A fall of 10 per cent or more from a recent high is termed ‘correction’.

Declining close to 2 per cent for a second day, the Nifty Smallcap 100 hit an intraday low of 15,011, shedding 1,681 points, or 10.1 per cent, since logging an intraday peak of 16,692 on February 8. The index is still up 62 per cent in the past year.

The 10 per cent drop in