Mumbai, June 29 (ANI): Market expert Sunil Shah on Monday blamed the financial crisis in Greece for the Indian stock market losses, adding that no country today can insulate itself from a financial crisis in another nation.
“The last week was good for the market. After two good weeks, today the markets came crashing. The reason is international. The Greece issue is getting serious, leading to a drastic fall in many Asian markets,” Shah told ANI.
“The companies that are doing business with Europe have been hit the hardest,” he added.
Shah further pointed out that all the markets of the world are today integrated with each other.
“We don’t have any direct exposure with the banks of Greece but when France and Germany, which have exposure, face problems, the ripples are felt throughout the world. Today, no country can insulate itself from a financial crisis in another country,” he said.
The stock markets extended losses on Monday as Greece looked set to default on its debt repayment this week, sparking concerns about foreign selling in emerging markets.
In the morning session, markets fell more than two percent before recovering some losses.
The 30-share BSE Sensex, which fell 2.17 percent initially, recovered in the late trading and ended with loss of 167 points (0.60 percent).
The 50-share Nifty slipped 62.70 points (0.75 percent). At one time, it had tanked 2.2 percent. (ANI)