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Market tanks on likely US hedge funds redemption

Economic Times Mumbai – The concomitant impact of huge selling in European markets such as FTSE, CAC and DAX, falling more than 3 per cent, has seen a dip back home in realty, bank, IT and capital goods stocks.

Sectors like power, metal, pharma, auto and oil & gas saw a huge selling pressure and dropped more than 5 per cent, with an exception of realty, which was down more than 10 per cent.

Reports are doing rounds that US-based hedge funds are going for redemption within a span of 90 days and this announcement has pulled the market to a large extent.

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