Equity indices crash with across-the-board selling amid weak global cues

Equity benchmark indices witnessed a sharp downswing during the afternoon session on Monday with across-the-board sell-off amid weak global cues.

In Asian markets, the sell-off was triggered after the International Consortium of Investigative Journalism (ICIJ) reported on top-secret suspicious activity reports worth more than 2 trillion dollars.Between 2010 and 2017, several banks helped facilitate transactions red-flagged by the Treasury Department's Financial Crimes Enforcement Network (FinCEN) for suspected money laundering, terrorism, drug dealing and financial fraud.That led to a meltdown on Indian bourses as well with banking stocks taking a hit.

The BSE SandP Sensex closed 812 points or 2.09 per cent lower at 38,034 while the Nifty 50 moved lower by 283 points or 2.46 per cent at 11,222.