India's Nifty index drops 15% in a minute in 'flash crash'

India's National Stock Exchange has said 59 "erroneous orders" were responsible for a plunge in Indian equities that saw the S&P ‘Nifty' index shed 15% earlier today.

Trading in the index was suspended for 15 minutes at 5:29am UK time after the index fell 14% to 4,988, according to data from Thomson Reuters, but Bloomberg reported the index fell 16%, to 4,888, before trading was halted. The index recovered the losses when trading resumed, standing down just 0.7% at 5,746 shortly before the close. "The market circuit filter got triggered due to entry of 59 erroneous orders which resulted in multiple trades for an aggregate value of over $125.7m," the National Stock Exchange said. "These orders have been entered by a trading member Emkay Global Fi...