China stocks plunge 9%, most in 8 yrs

Shanghai stock exchange's index suffered the worst one-day slide in eight years on Monday, defeating the government's multi-billion-dollar market rescue program. The CSI300 index, representing the largest listed companies in Shanghai and Shenzhen exchanges, tumbled 8.6% to 3,819 points. The Shanghai Composite Index lost 8.5% to 3,726 points. The fall was across the board, leaving a mere 77 gainers, and 2,247 companies suffering wounds. Stock prices of more than 1,000 companies have slipped by the daily limit of 10%. All futures contracts also slipped 10%. The government had launched several efforts to stabilize the market after it suffered a series of setbacks in June and early July,

The government feared that the market crisis would hit the economy after markets losing 32%, or $4 trillion, of stock value amounting to a colossal $4 trillion Indian stock market astrology prediction