S&P's turns negative on India
Citing a slowdown in investment and economic growth which has widened the current account deficit, Standard and Poor's (S&P's) revised its outlook on India to negative. It affirmed BBB- rating for India and warned that the country stands one out of three chance of a downgrade if external positions worsen. The rating agency said the government will face headwinds in implementing policy reforms.
This news sent shock waves across market, sending Sensex down by more than 150 points. The rupee reacted by moving to 52.65 to a dollar.
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