Market Mayhem: Stocks tumble as rupee falls to lifetime low

Investors rushed to sell equities, pulling down India’s key equity indices more than 2% on Tuesday, as the rupee tumbled to a record intra-day low. The rupee then staged a dramatic recovery to end stronger, thanks to central bank intervention and cheered by the announcement of Raghuram Rajan as the Reserve Bank of India’s (RBI) next governor. That didn’t stop the market capitalization of BSE, Asia’s oldest bourse, from sliding below the $1 trillion mark to $990 billion for the first time since December 2011.

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