FM blames FII withdrawal, weak rupee for market crash

Finance Minister Pranab Mukherjee on Wednesday attributed the stock market crash to withdrawal of funds by foreign investors and depreciation of the rupee. Mr. Mukherjee told reporters in Delhi that, Markets have crashed because of continuous withdrawal of funds by Foreign Institutional Investors.

He said, there is still uncertainty prevailing in the Eurozone. The finance minister said, the Rupee depreciation also has adverse impact and all cumulative effects are there.

Foreign Institutional Investors have withdrawn Rs 2,352 crore from the equity market, between 16th and 22 of this month, adding to the woes of stock markets.