BSE Sensex plummets nearly 600 points on Asian markets rout

The BSE Sensex plunged over 500 points on Thursday on the back of weakness in the Chinese markets and a surprise devaluation of the yuan against the dollar. 

At 1519 hours, the benchmark index was trading at 24,834.32, down Rs 572.01 or 2.25% lower. 

Chinese markets plunged 7% in the first 14 minutes of trading and stocks were suspendd for the rest of the day as the lower circuit was hit. This is the second time in four days that trades have been suspended in China. However, today's session accounted for the shortest trading session in the 25-year history of the Shanghai and Shenzhen markets. 

Worries over a slowing economy backed by weak macroeconomic factors and the World Bank cutting its growth outlook for several economies including China. This, coupled with the devaluation of the yuan against the dollar, triggered a sell-off in the Indian markets too, bringing the equities down 572 points in late afternoon trade. 

The rupee also edged closed to the 67-mark on Thursday against the dollar.