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India's Gandhi Faces Crisis; Stocks Crash
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| Contributor | Gerald Farinas |
| Last Edited | Gerald Farinas May 17, 2004 01:06pm |
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| Category | News |
| Media | News Service - Reuters |
| News Date | Monday, May 17, 2004 06:00:00 AM UTC0:0 |
| Description | India's Gandhi Faces Crisis; Stocks Crash
Reuters
Indian prime minister-elect Sonia Gandhi faced her first crisis Monday, before even taking power, when pivotal left-wing allies refused to formally join her coalition and markets crashed on fears over economic policy. The Bombay stock market plunged as much as 17.5 percent, the worst fall in its 129 years. Trading was halted twice, for a total of three hours, before the index closed extending big losses last week. The rupee currency and bonds also fell. The fall has wiped tens of billions of dollars off the value of listed companies.
Congress officials said Gandhi was expected to be sworn in as prime minister Wednesday. |
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