Market crash: India VIX rises 60% as Sensex, Nifty plunge on US recession fears

Indian markets tumbled in line with their global peers on Monday as weak US jobs data indicated the economy could be headed for a recession. That also spoiled the bulls party on the Wall Street, sending  three key indices NASDAQ Composite, S&P 500 and Dow Jones Industrial Average in the red for the second straight session today. 

The crash in Indian stock market pushed the India VIX index higher by 60% on Monday. The index, which closed at 14.32 on Friday surged to 22.90 level in late morning deals today. Indian VIX is a gauge of measuring volatility in the stock market. 

Meanwhile, Sensex crashed 2,037 pts to 78,944 and Nifty fell 661 pts to 24,056 at 11:06 am on Monday. Market cap of BSE-listed firms fell to Rs 440.13 lakh crore, indicating a loss of Rs 17.03 lakh crore of investor wealth in late morning deals.