Hours followed by the RBI’s announcement imposing a moratorium on Yes Bank, the Indian stock market trembled on Friday. Adding to the quivers sent from the U.S. stock markets over Coronavirus outbreak, the Indian investors were hit with the central bank’s cap at the fourth-largest lender.
Upon which Finance Minister Nirmala Seethraman took to the national media to address the investors. Taking in the press meet, the Finance Minister assured the depositors that there will be no loss to any Yes Bank depositor. Stating that the government along with RBI is taking all necessary steps in the interest of depositors, banks and the economy, Nirmala Seetharaman assured that she is in constant touch with RBI and Yes Bank authorities.
However, the assurance didn’t come to the rescue of the stock market which plummeted. Within 60 seconds into the trading, investors in India had lost Rs 4.42 lakh crore of wealth. While many of the financial analysts raised concerns over the stability of the overall Indian financial system, social media trended with various hashtags like #economiccrisis #yesbankcrisis against the RBI’s move.