However, since then, cases have surged unabated with several states now imposing fresh curbs and restrictions on business activity and mobility. But, perhaps, the key reason for the slump in markets is due to the worsening situation in Maharashtra.
Maharashtra, responsible for 14.5 per cent of the nation s GDP, and home to India s financial capital, Mumbai, is largely fuelling the COVID-19 surge witnessed across the nation. The last 24-hour period saw the state record over 63,000 new cases – the largest single-day spike since the onset of the pandemic. Having already instituted a number of containment measures, state authorities are now, reportedly, considering implementing a full lockdown – something that has investors on tenterhooks.