There was Panic selling in the stock market  in india,  it fell by 1,624.51 points or 5.94 percent to 25741.56, due to the devaluation of Chinese currency, China devalued the yuan to boost economic growth, but the effect reflected on the Indian stock market with a massive blow.

The Nifty managed to hold 7800 level after hitting day’s low of 7769.40. The index fell 490.95 points or 5.92 percent to 7809.

Today’s carnage wiped out more than Rs 7 lakh crore market capitalisation.
Experts and Analysts cited weak global cues and a steep fall in Shanghai stocks, along with concerns over the Indian government’s stand on minimum alternate tax (MAT) as reasons for the sharp fall.