Share market : IMF effect, stock market crash due to lower growth rate, Sensex drops 220 points.

Mumbai, Jan 21 (HS): The International Monetary Fund (IMF) has lowered the GDP growth rate estimate for the current financial year for India to 4.8 percent. Due to such a big cut by the IMF, the Indian stock market has seen a decline for the second consecutive trading day. In the early trade, the Sensex fell to 220 points and it came down to 41 thousand 400 points. Talking about the Nifty, there was a decline of more than 30 points and it was seen trading below 12 thousand 200 points.

During this time, there was a slowdown in banking and auto sector stocks. While the shares of Hero MotoCorp, HDFC Bank and Kotak Bank fell by more than 1 percent, the shares of ONGC, IndusInd Bank, NTPC were seen trading on the green mark.

The International Monetary Fund has reduced the GDP growth rate estimate for the current financial year for India to 4.8 percent. According to the IMF, due to sluggishness in India and other emerging countries like it, the growth forecast of the world has had to be reduced. Earlier, the IMF had released an estimate of 6.1 percent growth in the current financial year. Whereas the IMF had an estimated 7.5 percent in the same period a year ago.