Indian shares close 7.07 per cent down

Indian shares closed down 7.07 per cent Friday, despite an injection of liquidity from the Reserve Bank, on growing fears over a deepening global financial crisis and weak economic data, dealers said. The benchmark 30-share Sensex index fell 800.51 points to 10,527.85. "Concerns over an economic growth slowdown and the weakening global conditions led to a further downswing," said R Balakrishnan of Centrum Broking. Panic gripped the markets in early trade, as the Sensex slid over nine per cent intra-day - dangerously close to a level which would trigger a trading freeze. India's central bank immediately tried to douse concerns by pumping 400 billion rupees ($A12.0 billion) into the system by lowering the cash... [read full story]