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Saturday, March 10, 2001
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Calcutta payment crisis triggers crash on BSE

MUMBAI, MARCH 9. The `black Friday' scene was enacted again amidst apprehensions of payment crisis triggering a virtual collapse in share values on the Bombay Stock Exchange today on a fresh wave of selling.

As a result, the BSE sensitive index which opened weak at 3986.82 later plunged to the intra-day low of 3821.59 on relentless selling before eventually ending at 3881.96 against yesterday's close of 4056.94, a whopping fall of 174.98 points. Reports of payment default on the Calcutta Stock Exchange made operators and speculators in Mumbai so much jittery that they rushed frantically to wind up their long outstanding positions.

No payment crisis: Mehta

MUMBAI, MARCH 9. The Securities and Exchange Board of India Chairman, Mr. D. R. Mehta, today asserted that there `is no payment crisis' at the Calcutta Stock Exchange (CSE).

``The liabilities at the CSE are manageable and the settlement will be smooth and the outstandings of Rs. 47.50 crores will be cleared by this evening,'' Mr. Mehta told newspersons when asked about the payment crisis there which triggered the crash in share values at the major bourses.

- PTI

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