Mumbai: The benchmark BSE Sensex plunged nearly 310 points to crash below the psychologically important 25k-level for the first time in 15 months and the Nifty cracked the 7,600-level as intense selling remained unabated on global growth worries. A sharp fall in rupee value against the dollar as well as fears about a slowdown in China and growth concerns continued to rattle investors sentiment. The domestic currency was trading at a fresh two-year low of 66.83 per dollar.
The 30-share BSE index Sensex plunged 308.09 points or 1.22 per cent to 24,893.81 and the 50-share NSE index Nifty dropped 96.25 points or 1.26 per cent to 7,558.80.
Emerging market stocks stumbled to the lowest in almost two weeks on Monday with many Asian bourses suffering steep losses, dragged down by another sharp fall in Chinese mainland shares. European stocks rose on Monday, led by a surge in mining and commodities giant Glencore after it pledged to slash its debt by a third, but a fall in China after markets reopened after a four-day break dragged down Asian bourses. Asian stocks were subdued after China revised its annual economic growth rate in 2014 to 7.3 per cent from the previously released figure of 7.4 per cent.