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German auto giant Volkswagen said Tuesday it was preparing to shutter most of its European plants, joining a slew of other carmakers as the coronavirus pandemic disrupts supply chains and sends demand plummeting.

Production will be halted in Spain, Portugal and Slovakia and Italy before the end of this week," CEO Herbert Diess said in a speech.

"Most of the other German and European plants will begin preparing to suspend production, probably for two to three weeks," he added.

Also read: <a href="https://www.wionews.com/world/detained-uighurs-forced-to-work-in-factories-for-foreign-brands-283708">Detained Uighurs forced to work in factories for foreign brands</a>

The move comes as European governments take ever more drastic measures to keep people at home, and factory closures around the world interrupt deliveries of parts needed to keep car production going.

Volkswagen's powerful works council, which represents employees at the group, said separately that VW's closures would broadly take effect from Friday and slammed bosses for not taking more urgent action.

"We believe this is too late! We expect an orderly exit from production now," Germany's works council chiefs said in an open letter.

Also see: <a href="https://www.wionews.com/world/mitsubishi-suspected-of-diesel-fraud-german-prosecutors-raid-business-premises-275859">Mitsubishi suspected of diesel-fraud; German prosecutors raid business premises</a>

VW staffers who have to work closely together on assembly lines don't understand why they should "risk infection" for "a few hundred more cars" when executives were already working from home, they wrote.

Car manufacturing factories are being idled across Europe.

Italian-American automaker Fiat Chrysler has halted production at six plants in Italy and one each in Serbia and Poland until March 27.

Also read: <a href="https://www.wionews.com/business-economy/toyota-keeps-china-plant-output-stopped-through-february-16-amid-coronavirus-outbreak-279291">Toyota keeps China plant output stopped through February 16 amid coronavirus outbreak</a>

France's PSA Group, whose brands include Peugeot, Citroen and Opel, has said it too will shutter its European production sites starting this week.

It's French rival Renault said it was suspending production at its four factories in Spain.

Very difficult

Diess said the VW group faced a "very difficult" year as the coronavirus epidemic wreaks havoc with the global economy.

In a press release announcing the company's 2019 results, he said the coronavirus outbreak posed "unknown operational and financial challenges".

Also see: <a href="https://www.wionews.com/world/netherlands-utrecht-city-builds-car-free-district-for-12000-people-286678">Netherlands Utrecht city builds car-free district for 12,000 people</a>

The group, whose stable of 12 brands includes Porsche, Audi, Seat and Skoda, declined to unveil an outlook for 2020.

Volkswagen said the volatile situation and the unprecedented shocks to supply and demand made it "almost impossible" to make a reliable forecast.

Volkswagen's finance chief Frank Witter said it was "uncertain how severely or for how long" the pandemic upheaval will affect the company.

Also read: <a href="https://www.wionews.com/world/hybrid-cars-produce-more-co2-than-older-vehicles-in-uk-study-283365">Hybrid cars produce more CO2 than older vehicles in UK: Study</a>

But he said the group would make "full use of all measures" available "to support our employees and their families and to stabilise our business."

In a rare spot of bright news, VW said it had resumed operations in China, with the exception of its factories in Changsha and Urumqi, as the country appears to have turned a corner in the virus fightback.

Looking at its 2019 results, the group said it saw revenues climb 7.1 per cent to 252.6 billion euros.

It achieved a net profit attributable to shareholders of 13.3 billion euros, up 12.8 per cent in 2018, driven by strong sales of more expensive models.

German auto giant Volkswagen said Tuesday it was preparing to shutter most of its European plants, joining a slew of other carmakers as the coronavirus pandemic disrupts supply chains and sends demand plummeting.

German auto giant Volkswagen said Tuesday it was preparing to shutter most of its European plants, joining a slew of other carmakers as the coronavirus pandemic disrupts supply chains and sends demand plummeting. Production will be halted in Spain, Portugal and Slovakia and Italy before the end of this week," CEO Herbert Diess said in a speech. "Most of the other German and European plants will begin preparing to suspend production, probably for two to three weeks," he added. Also read: Detained Uighurs forced to work in factories for foreign brands The move comes as European governments take ever more drastic measures to keep people at home, and factory closures around the world interrupt deliveries of parts needed to keep car production going. Volkswagen's powerful works council, which represents employees at the group, said separately that VW's closures would broadly take effect from Friday and slammed bosses for not taking more urgent action. "We believe this is too late! We expect an orderly exit from production now," Germany's works council chiefs said in an open letter. Also see: Mitsubishi suspected of diesel-fraud; German prosecutors raid business premises VW staffers who have to work closely together on assembly lines don't understand why they should "risk infection" for "a few hundred more cars" when executives were already working from home, they wrote. Car manufacturing factories are being idled across Europe. Italian-American automaker Fiat Chrysler has halted production at six plants in Italy and one each in Serbia and Poland until March 27. Also read: Toyota keeps China plant output stopped through February 16 amid coronavirus outbreak France's PSA Group, whose brands include Peugeot, Citroen and Opel, has said it too will shutter its European production sites starting this week. It's French rival Renault said it was suspending production at its four factories in Spain. Very difficult Diess said the VW group faced a "very difficult" year as the coronavirus epidemic wreaks havoc with the global economy. In a press release announcing the company's 2019 results, he said the coronavirus outbreak posed "unknown operational and financial challenges". Also see: Netherlands Utrecht city builds car-free district for 12,000 people The group, whose stable of 12 brands includes Porsche, Audi, Seat and Skoda, declined to unveil an outlook for 2020. Volkswagen said the volatile situation and the unprecedented shocks to supply and demand made it "almost impossible" to make a reliable forecast. Volkswagen's finance chief Frank Witter said it was "uncertain how severely or for how long" the pandemic upheaval will affect the company. Also read: Hybrid cars produce more CO2 than older vehicles in UK: Study But he said the group would make "full use of all measures" available "to support our employees and their families and to stabilise our business." In a rare spot of bright news, VW said it had resumed operations in China, with the exception of its factories in Changsha and Urumqi, as the country appears to have turned a corner in the virus fightback. Looking at its 2019 results, the group said it saw revenues climb 7.1 per cent to 252.6 billion euros. It achieved a net profit attributable to shareholders of 13.3 billion euros, up 12.8 per cent in 2018, driven by strong sales of more expensive models.

Volkswagen to close most European plants 'for two to three weeks'

Stock indices erased early gains to sink deeper into red on Tuesday as the global equity rout intensified amid the coronavirus-triggered recession fears.

After opening on a positive note, the 30-share BSE Sensex traded modestly higher for a majority of the session but succumbed to a sudden sell-off in the last hour of trade.

It finally closed 810.98 points or 2.58 per cent lower at 30,579.09, after gyrating 1,653 points during the day.

Likewise, the broader NSE Nifty slumped 230.35 points or 2.50 per cent to finish at 8,967.05. Nifty has ended below the key 9,000-level after March 2017.

Global markets reeled after the Wall Street suffered its worst crash since the 'Black Monday' in October 1987, with the US Fed's emergency rate cut failing to lift investor sentiment amid the drumbeat of negative news surrounding the Covid-19 pandemic.

Unabated foreign fund outflows and a weak rupee further weighed on domestic bourses, traders said. 
&nbsp; 
ICICI Bank was the top loser in the Sensex pack, tumbling 8.95 per cent, followed by IndusInd Bank (8.89 per cent), Bajaj Finance (6.26 per cent), HDFC (4.74 per cent), Infosys (4.68 per cent) and Kotak Bank (4.53 per cent).

On the other hand, HUL spurted 3.49 per cent, Hero MotoCorp 3.09 per cent, Asian Paints 3.05 per cent, PowerGrid 2.53 per cent and Maruti 2.12 per cent.

According to traders, value-buying lifted benchmarks during the first half of the session, but the gains could not be sustained as markets succumbed to coronavirus-led fears of an impending recession.

"After trading in the positive for the majority of the day, the indices turned red during the last hour of trading, with selling mainly seen in financials. European markets and Dow futures added to the negativity.

"Covid-19 showed no signs of abatement and with central banks' monetary policy actions having limited impact, calls were out for more actions to contain the spread of the virus," said Vinod Nair, Head of Research at Geojit Financial Services.

BSE bankex, finance, telecom, teck, IT and realty indices gained up to 4.46 per cent, while FMCG ended in the green.

Broader BSE midcap and smallcap indices ended up to 2.27 per cent lower.Elsewhere in Asia, bourses in Shanghai and Seoul ended in the red, while Hong Kong and Tokyo turned positive.

Markets in Europe cracked up to 3 per cent in early trade.Meanwhile, the rupee was flat at 74.20 per US dollar (intra-day).

Brent crude oil futures fell 1.06 per cent to USD 29.73 per barrel.The number of deaths around the world linked to the virus has topped 7,000, after Italy announced a new surge in fatalities, with over 1,75,000 infections recorded globally so far.

In India, the number of infected cases stood at 126, as per the union health ministry.&nbsp;

Stock indices erased early gains to sink deeper into red on Tuesday as the global equity rout intensified amid the coronavirus-triggered recession fears. After opening on a positive note, the 30-share BSE Sensex traded modestly higher for a majority of the session but succumbed to a sudden sell-off in the last hour of trade.

Stock indices erased early gains to sink deeper into red on Tuesday as the global equity rout intensified amid the coronavirus-triggered recession fears. After opening on a positive note, the 30-share BSE Sensex traded modestly higher for a majority of the session but succumbed to a sudden sell-off in the last hour of trade. It finally closed 810.98 points or 2.58 per cent lower at 30,579.09, after gyrating 1,653 points during the day. Likewise, the broader NSE Nifty slumped 230.35 points or 2.50 per cent to finish at 8,967.05. Nifty has ended below the key 9,000-level after March 2017. Global markets reeled after the Wall Street suffered its worst crash since the 'Black Monday' in October 1987, with the US Fed's emergency rate cut failing to lift investor sentiment amid the drumbeat of negative news surrounding the Covid-19 pandemic. Unabated foreign fund outflows and a weak rupee further weighed on domestic bourses, traders said. ICICI Bank was the top loser in the Sensex pack, tumbling 8.95 per cent, followed by IndusInd Bank (8.89 per cent), Bajaj Finance (6.26 per cent), HDFC (4.74 per cent), Infosys (4.68 per cent) and Kotak Bank (4.53 per cent). On the other hand, HUL spurted 3.49 per cent, Hero MotoCorp 3.09 per cent, Asian Paints 3.05 per cent, PowerGrid 2.53 per cent and Maruti 2.12 per cent. According to traders, value-buying lifted benchmarks during the first half of the session, but the gains could not be sustained as markets succumbed to coronavirus-led fears of an impending recession. "After trading in the positive for the majority of the day, the indices turned red during the last hour of trading, with selling mainly seen in financials. European markets and Dow futures added to the negativity. "Covid-19 showed no signs of abatement and with central banks' monetary policy actions having limited impact, calls were out for more actions to contain the spread of the virus," said Vinod Nair, Head of Research at Geojit Financial Services. BSE bankex, finance, telecom, teck, IT and realty indices gained up to 4.46 per cent, while FMCG ended in the green. Broader BSE midcap and smallcap indices ended up to 2.27 per cent lower.Elsewhere in Asia, bourses in Shanghai and Seoul ended in the red, while Hong Kong and Tokyo turned positive. Markets in Europe cracked up to 3 per cent in early trade.Meanwhile, the rupee was flat at 74.20 per US dollar (intra-day). Brent crude oil futures fell 1.06 per cent to USD 29.73 per barrel.The number of deaths around the world linked to the virus has topped 7,000, after Italy announced a new surge in fatalities, with over 1,75,000 infections recorded globally so far. In India, the number of infected cases stood at 126, as per the union health ministry.

No respite: Sensex collapses in fag-end selloff, Nifty ends below 9,000

Reliance Group Chairman Anil Ambani has been asked to appear in front of Enforcement Directorate (ED) in connection with money laundering probe against Yes Bank promoter Rana Kapoor and others, officials said on Monday, reported news agency PTI.

Reliance Group Chairman Anil Ambani has been asked to appear in front of Enforcement Directorate (ED) in connection with money laundering probe against Yes Bank promoter Rana Kapoor and others, officials said on Monday, reported news agency PTI. Ambani has been asked to depose at the Enforcement Directorate office in Mumbai on Monday as his group companies are one among the big entities whose loans went bad after borrowing from the crisis-hit bank, the report added. It is understood that Ambani has sought exemption on health grounds from the agency and he may be issued a new date. Ambani's group companies are stated to have taken loans of about Rs 12,800 crore from the bank that turned NPA. Ambani's statement will be recorded under the Prevention of Money Laundering Act (PMLA) upon deposition, they said. Kapoor, 62, is at present in ED custody after he was arrested by the central probe agency early this month. The ED has accused Rana, his family members and others of laundering "proceeds of crime" worth Rs 4,300 crore by receiving alleged kickbacks in lieu of extending big loans through their bank that later turned NPA. (With inputs from PTI)

Yes Bank crisis: Anil Ambani asked to appear before Enforcement Directorate today 

Rbi holds a press conference on Yes Bank crisis. Rbi Governor Shaktikanta Das says, Depositors money is safe, Customers need not to worry.

Yes Bank Crisis: Rbi says, Depositor's money is safe

The Indian stock market crashed over 2,000&nbsp;points in the opening minutes on Monday as Asian stocks started on a backfoot.

<a href="https://www.wionews.com/business-economy/sensex-nifty-rebound-from-record-lows-log-biggest-intraday-recovery-286113">Also Read:&nbsp;Sensex, Nifty rebound from record lows, log biggest intraday recovery</a>

Nifty fell below the 9,400 level in opening session on Monday over the impact of Covid-19 on the world economy.&nbsp;The Rupee plunged 42 paise to 74.17 against US dollar in early trade.&nbsp;

On Friday, the Dow Jones Industrial Average "mini" index had lost 1,000 points or 4.5 per cent in futures trading.

In the US, the Federal Reserve had made its second emergency rate cut in less than two weeks, lowering the benchmark borrowing rate to a range of 0-0.25 per cent.

The Indian stock market crashed over 2,000 points in the opening minutes on Monday as Asian stocks started on a backfoot. Also Read: Sensex, Nifty rebound from record lows, log biggest intraday recovery Nifty fell below the 9,400 level in opening session on Monday over the impact of Covid-19 on the world economy.

The Indian stock market crashed over 2,000 points in the opening minutes on Monday as Asian stocks started on a backfoot. Also Read: Sensex, Nifty rebound from record lows, log biggest intraday recovery Nifty fell below the 9,400 level in opening session on Monday over the impact of Covid-19 on the world economy. The Rupee plunged 42 paise to 74.17 against US dollar in early trade. On Friday, the Dow Jones Industrial Average "mini" index had lost 1,000 points or 4.5 per cent in futures trading. In the US, the Federal Reserve had made its second emergency rate cut in less than two weeks, lowering the benchmark borrowing rate to a range of 0-0.25 per cent.

Sensex crashes over 2,000 points on coronavirus fears

Markets took investors on a gut-churning ride on Monday, with closing nearly 8% lower, as moves by central banks across the globe to cut interest rates failed to calm nerves about the impact of the coronavirus pandemic on the global economy.

The BSE S&amp;P Sensex closed 2,713.41 points or 7.96 per cent lower at 31,390.07 while the NSE Nifty crashed by 757.80 points or 7.61 per cent to close at 9,197.40.

Within India, the number of virus-positive cases climbed to 110 with fresh reports coming from Maharashtra and Odisha.

All sectoral indices at the National Stock Exchange were in the red with Nifty private bank and realty down by 7.9 per cent each, metal by 7.8 per cent, and IT by 6.8 per cent.

Shares of SBI Cards and Payments Services made a weak debut on the stock exchanges as it opened at Rs 658, nearly 13 per cent lower than its issue price of Rs 755.

Markets took investors on a gut-churning ride on Monday, with closing nearly 8% lower, as moves by central banks across the globe to cut interest rates failed to calm nerves about the impact of the coronavirus pandemic on the global economy.

Markets took investors on a gut-churning ride on Monday, with closing nearly 8% lower, as moves by central banks across the globe to cut interest rates failed to calm nerves about the impact of the coronavirus pandemic on the global economy. The BSE S&P Sensex closed 2,713.41 points or 7.96 per cent lower at 31,390.07 while the NSE Nifty crashed by 757.80 points or 7.61 per cent to close at 9,197.40. Within India, the number of virus-positive cases climbed to 110 with fresh reports coming from Maharashtra and Odisha. All sectoral indices at the National Stock Exchange were in the red with Nifty private bank and realty down by 7.9 per cent each, metal by 7.8 per cent, and IT by 6.8 per cent. Shares of SBI Cards and Payments Services made a weak debut on the stock exchanges as it opened at Rs 658, nearly 13 per cent lower than its issue price of Rs 755.

Sensex sinks 2,713 points, to end at 31,390; Nifty crumbles 758 points

Oil extended losses on Monday as an emergency rate cut by the US Federal Reserve failed to soothe global financial markets panicked by the rapid spread of the coronavirus while a price war rages on between top producers.

Brent crude fell $1.13 to $32.72 a barrel by 0230 GMT, tumbling after last week's plunge of 25%, the largest weekly fall since 2008. The front-month price opened at a high of $35.84 but slipped to a low of $31.63.

US crude was at $31.01, down 72 cents after slipping below $30 earlier in the session, despite US President Donald Trump's pledge to fill strategic oil reserves in the world's largest oil consumer "to the top".

Also Read: <a href="https://www.wionews.com/business-economy/oil-prices-jump-to-61-over-opec-supply-cut-reports-265782">Oil prices jump to $61 over OPEC+ supply cut reports</a>

The US Fed slashed interest rates on Sunday in its second emergency cut this month and said it would expand its balance sheet by at least $700 billion in coming weeks in a bid to ease tension in financial markets.

Oil prices have come under intense pressure on both demand and supply sides. Worries about the pandemic slashing oil buying persist, while oversupply fears have grown after top exporter Saudi Arabia ramped up output and slashed prices to increase sales to consumers in Asia and Europe.

Earlier this month, the Organization of the Petroleum Countries and Russia failed to extend a production cut agreement which has been supporting prices since 2016.

"Fear remains the crux of the problem here as market players remain unconvinced that monetary policy easing and liquidity injections will solve an essential healthcare crisis," OCBC Bank's economist Selena Ling said.

Also Read: <a href="https://www.wionews.com/business-economy/oil-prices-rise-10-after-russia-indicates-open-to-cooperation-with-opec-285465">Oil prices rise 10% after Russia indicates 'open to cooperation with OPEC'</a>

"The end-game to me remains not about more policy bazookas, but a peak in global COVID-19 infections and fatalities, and, or a COVID-19 vaccine cure in the horizon."

Despite the massive drop in both oil and natural gas prices last week, the US oil drilling rig count rose for a second week in a row to its highest since December, energy services firm Baker Hughes Co said in its closely followed report on Friday.

Still, the number of rigs is expected to fall as producers deepen spending cuts on new drilling.

More pain will be felt by US producers as Brent's premium to WTI is close to its narrowest since 2016, making US crude oil uncompetitive in international markets. Exports are set to fall by 1 million barrels per day each in April and May, sources have said.

"The big loser will be US shale, where the Republican government will possibly face a bailout decision on a heavily indebted industry sooner rather than later," said Jeffrey Halley, a senior market analyst at Oanda in Singapore.

&nbsp;

Oil extended losses on Monday as an emergency rate cut by the US Federal Reserve failed to soothe global financial markets panicked by the rapid spread of the coronavirus while a price war rages on between top producers.

Oil extended losses on Monday as an emergency rate cut by the US Federal Reserve failed to soothe global financial markets panicked by the rapid spread of the coronavirus while a price war rages on between top producers. Brent crude fell $1.13 to $32.72 a barrel by 0230 GMT, tumbling after last week's plunge of 25%, the largest weekly fall since 2008. The front-month price opened at a high of $35.84 but slipped to a low of $31.63. US crude was at $31.01, down 72 cents after slipping below $30 earlier in the session, despite US President Donald Trump's pledge to fill strategic oil reserves in the world's largest oil consumer "to the top". Also Read: Oil prices jump to $61 over OPEC+ supply cut reports The US Fed slashed interest rates on Sunday in its second emergency cut this month and said it would expand its balance sheet by at least $700 billion in coming weeks in a bid to ease tension in financial markets. Oil prices have come under intense pressure on both demand and supply sides. Worries about the pandemic slashing oil buying persist, while oversupply fears have grown after top exporter Saudi Arabia ramped up output and slashed prices to increase sales to consumers in Asia and Europe. Earlier this month, the Organization of the Petroleum Countries and Russia failed to extend a production cut agreement which has been supporting prices since 2016. "Fear remains the crux of the problem here as market players remain unconvinced that monetary policy easing and liquidity injections will solve an essential healthcare crisis," OCBC Bank's economist Selena Ling said. Also Read: Oil prices rise 10% after Russia indicates 'open to cooperation with OPEC' "The end-game to me remains not about more policy bazookas, but a peak in global COVID-19 infections and fatalities, and, or a COVID-19 vaccine cure in the horizon." Despite the massive drop in both oil and natural gas prices last week, the US oil drilling rig count rose for a second week in a row to its highest since December, energy services firm Baker Hughes Co said in its closely followed report on Friday. Still, the number of rigs is expected to fall as producers deepen spending cuts on new drilling. More pain will be felt by US producers as Brent's premium to WTI is close to its narrowest since 2016, making US crude oil uncompetitive in international markets. Exports are set to fall by 1 million barrels per day each in April and May, sources have said. "The big loser will be US shale, where the Republican government will possibly face a bailout decision on a heavily indebted industry sooner rather than later," said Jeffrey Halley, a senior market analyst at Oanda in Singapore.

Oil prices slide again on coronavirus fears, price war

Saudi Arabia's state oil giant Aramco said on Sunday its 2019 profit fell almost 21% due to lower crude oil prices and a drop in production volumes, reported news agency Reuters.

Saudi Arabia's state oil giant Aramco said on Sunday its 2019 profit fell almost 21% due to lower crude oil prices and a drop in production volumes, reported news agency Reuters. Aramco posted a net profit of 330.69 billion Saudi riyal ($88.11 billion) after zakat and tax in the period ended Dec. 31, down from 416.52 billion riyals a year earlier, the report added. Analysts expected Aramco to post a net profit of 346.6 billion riyals ($92.35 billion) in 2019, according to an estimate of 15 analysts polled by Refinitiv. Aramco, the world's top oil-producing company, raised $29.4 billion in a record initial public offering in December last year. (With inputs from Reuters)

Saudi Aramco reports 21 per cent drop in 2019 profits

Microsoft Corp co-founder Bill Gates on Friday stepped down from the board to focus on philanthropic works related to global health, education and climate change, reported news agency Reuters.

Microsoft Corp co-founder Bill Gates on Friday stepped down from the board to focus on philanthropic works related to global health, education and climate change, reported news agency Reuters. Gates made the company one of the world's most valuable technology firms. Gates Foundation, which has billions in assets and funds global health programmes to combat disease and poverty, is run by the billionaire and his wife Melinda. Gates Foundation is one of the world's largest charities. Gates quit his full-time executive role at Microsoft in 2008 and remained as chairman of the board till 2014. Since then he has been a board member. "It's been a tremendous honour and privilege to have worked with and learned from Bill over the years," Chief Executive Officer Satya Nadella said. With the departure of Gates from Microsoft Board, it will now consist of 12 members, the company said. Gates also stepped down from the board of Warren Buffett's Berkshire Hathaway Inc, where he has served since 2004. (With inputs from Reuters)

Bill Gates steps down from Microsoft board to focus on philanthropic works

Several companies in the UK have cut travel insurance due to the coronavirus even as travellers have been seeking cover during their stay away from home.

<a href="https://www.wionews.com/world/us-capitol-closed-to-public-after-staffer-tests-positive-for-coronavirus-285967">Also Read: US Capitol closed to public after staffer tests positive for coronavirus</a>

The move comes even as India's insurance regulator&nbsp;IRDAI instructed all insurers to include medical cover for <a href="https://www.wionews.com/india-news/say-no-to-panic-yes-to-precautions-pm-modi-on-coronavirus-outbreak-285873">COVID-19</a>, the insurance authority's notification says that medical expenses during the quarantine period will also be reimbursable.

In order to prevent high-handedness by insurers, all claims will go through a review committee before they can be rejected. IRDAI has also asked insurers to design policies that cover coronavirus cases in the future.

Patients across <a href="https://www.wionews.com/india-news/coronavirus-india-urges-citizens-not-to-panic-as-infected-toll-stands-at-73-285932">India</a> have been troubled by the fact that their policies do not cover the virus with reports of hospitals refusing to recognise claims of policyholders.

However, it is quite a different scenario in the UK with&nbsp;British insurer LV saying: "In light of the significant impact that coronavirus is having globally, LV=... has taken the difficult decision to pause the sale of travel insurance to new customers," while adding that it was "temporary move".

Watch Video:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="http://13.235.153.162/videos/trump-suspends-all-travel-from-europe-to-us-to-fight-covid-19-285728/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

According to reports, several companies saw a surge in travel insurance including Post Office, CoverForYou and TravelSupermarket as the coronavirus spread last month and people continued to travel. However, as the virus took a dangerous turn with the WHO declaring it a "pandemic", British insurers have begun to relook the cover.

Reports say leading UK insurers including Post Office, InsureandGo &amp; Aviva have withdrawn their cover amid a huge spike in coronavirus cases in the country.

<a href="https://www.wionews.com/photos/soaps-or-sanitisers-which-is-best-to-fight-coronavirus-285925">In Pics:&nbsp;Soaps or sanitisers - Which is best to fight coronavirus?</a>

Aviva said it has&nbsp;decided to do away with add-on cover for “travel disruption” or “airspace closure” while maintaining that it has&nbsp;paused single-trip direct travel insurance for new customers travelling to Italy due to coronavirus.

“Insurance is designed to provide cover for unforeseen and unexpected events and is priced on this basis. The outbreak of the coronavirus means there is an increased likelihood of disruption to people’s travel plans. We envisage that these decisions, affecting only Aviva’s travel insurance new business, will be temporary actions,” the company said in a statement.

"In light of the impact that Coronavirus (COVID-19) is having globally, we’ve made the difficult decision to pause the sale of travel insurance to new customers," LV said on its website, adding, "We considered a number of different options, such as excluding cover or significantly increasing prices for new customers. We strongly believe this temporary measure of pausing the sale of new policies and focusing on our existing customers is the right decision."

Several companies in the UK have cut travel insurance due to the coronavirus even as travellers have been seeking cover during their stay away from home. Also Read: US Capitol closed to public after staffer tests positive for coronavirus The move comes even as India's insurance regulator IRDAI instructed all insurers to include medical cover for COVID-19, the insurance authority's notification says that medical expenses during the quarantine period will also be reimbursable.

Several companies in the UK have cut travel insurance due to the coronavirus even as travellers have been seeking cover during their stay away from home. Also Read: US Capitol closed to public after staffer tests positive for coronavirus The move comes even as India's insurance regulator IRDAI instructed all insurers to include medical cover for COVID-19, the insurance authority's notification says that medical expenses during the quarantine period will also be reimbursable. In order to prevent high-handedness by insurers, all claims will go through a review committee before they can be rejected. IRDAI has also asked insurers to design policies that cover coronavirus cases in the future. Patients across India have been troubled by the fact that their policies do not cover the virus with reports of hospitals refusing to recognise claims of policyholders. However, it is quite a different scenario in the UK with British insurer LV saying: "In light of the significant impact that coronavirus is having globally, LV=... has taken the difficult decision to pause the sale of travel insurance to new customers," while adding that it was "temporary move". Watch Video: According to reports, several companies saw a surge in travel insurance including Post Office, CoverForYou and TravelSupermarket as the coronavirus spread last month and people continued to travel. However, as the virus took a dangerous turn with the WHO declaring it a "pandemic", British insurers have begun to relook the cover. Reports say leading UK insurers including Post Office, InsureandGo & Aviva have withdrawn their cover amid a huge spike in coronavirus cases in the country. In Pics: Soaps or sanitisers - Which is best to fight coronavirus? Aviva said it has decided to do away with add-on cover for “travel disruption” or “airspace closure” while maintaining that it has paused single-trip direct travel insurance for new customers travelling to Italy due to coronavirus. “Insurance is designed to provide cover for unforeseen and unexpected events and is priced on this basis. The outbreak of the coronavirus means there is an increased likelihood of disruption to people’s travel plans. We envisage that these decisions, affecting only Aviva’s travel insurance new business, will be temporary actions,” the company said in a statement. "In light of the impact that Coronavirus (COVID-19) is having globally, we’ve made the difficult decision to pause the sale of travel insurance to new customers," LV said on its website, adding, "We considered a number of different options, such as excluding cover or significantly increasing prices for new customers. We strongly believe this temporary measure of pausing the sale of new policies and focusing on our existing customers is the right decision."

Coronavirus insurance: India moves to protect patients as UK companies limit cover

India's trade deficit sharply narrowed in February to $9.85 billion from $15.17 billion in the previous month, the trade ministry said in a statement on Friday, helped by a rise exports.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/pandemic-on-dalal-street-as-sensex-crashes-by-3090-points-trading-halted-for-45-minutes-286006">Pandemic on Dalal street as Sensex crashes by 3,090 points, trading halted for 45 minutes</a>

Trade deficit stood at $9.72 billion in February 2019.

Also see:&nbsp;<a href="https://www.wionews.com/opinions-blogs/how-this-economic-slowdown-is-different-from-the-previous-ones-283955">How this economic slowdown is different from the previous ones</a>

Merchandise exports rose 2.91% to $27.65 billion in February compared with a year earlier, while imports rose 2.48% to $37.50 billion, the data showed.

India's trade deficit sharply narrowed in February to $9.85 billion from $15.17 billion in the previous month, the trade ministry said in a statement on Friday, helped by a rise exports.

India's trade deficit sharply narrowed in February to $9.85 billion from $15.17 billion in the previous month, the trade ministry said in a statement on Friday, helped by a rise exports. Also read: Pandemic on Dalal street as Sensex crashes by 3,090 points, trading halted for 45 minutes Trade deficit stood at $9.72 billion in February 2019. Also see: How this economic slowdown is different from the previous ones Merchandise exports rose 2.91% to $27.65 billion in February compared with a year earlier, while imports rose 2.48% to $37.50 billion, the data showed.

India's February trade deficit at $9.85 billion: Government

British Airways will cut jobs after the coronavirus pandemic devastated demand for global air travel, its chief executive Alex Cruz said Friday.

"To be frank, given the changing circumstances, we can no longer sustain our current level of employment and jobs will be lost perhaps for a short period, perhaps longer term," Cruz said in an internal memo confirmed by the group.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/airline-crisis-worsens-as-us-puts-europeans-in-coronavirus-quarantine-285968">Airline crisis worsens as US puts Europeans in coronavirus quarantine</a>

Global airlines have cancelled thousands of flights worldwide, as COVID-19 decimates demand for passenger travel, with destinations to China and Italy in particularly hit hard.

The aviation industry is struggling with the severe impact of the pandemic, which has so far infected more than 134,300 people globally and killed over 5,000, according to a source's&nbsp;tally.

Also see:&nbsp;<a href="https://www.wionews.com/world/amid-coronavirus-outbreak-airlines-run-ghost-flights-to-save-their-airport-slots-285262">Amid coronavirus outbreak, airlines run 'ghost flights' to save their airport slots</a>

In a further blow this week, US President Donald Trump announced a shock 30-day ban on travel from mainland Europe over coronavirus.

The global aviation association on Thursday warned that the US-imposed trans-Atlantic travel ban would further hurt an industry already hard-hit by the crisis, insisting airlines needed "emergency measures" to get through.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/uk-airline-flybe-dealt-final-blow-by-coronavirus-284507">UK airline Flybe dealt final blow by coronavirus</a>

The move "will create enormous cash-flow pressures for airlines," Alexandre de Juniac, head of the International Air Transport Association (IATA), warned in a statement.&nbsp;

British Airways will cut jobs after the coronavirus pandemic devastated demand for global air travel, its chief executive Alex Cruz said Friday. "To be frank, given the changing circumstances, we can no longer sustain our current level of employment and jobs will be lost perhaps for a short period, perhaps longer term," Cruz said in an internal memo confirmed by the group.

British Airways will cut jobs after the coronavirus pandemic devastated demand for global air travel, its chief executive Alex Cruz said Friday. "To be frank, given the changing circumstances, we can no longer sustain our current level of employment and jobs will be lost perhaps for a short period, perhaps longer term," Cruz said in an internal memo confirmed by the group. Also read: Airline crisis worsens as US puts Europeans in coronavirus quarantine Global airlines have cancelled thousands of flights worldwide, as COVID-19 decimates demand for passenger travel, with destinations to China and Italy in particularly hit hard. The aviation industry is struggling with the severe impact of the pandemic, which has so far infected more than 134,300 people globally and killed over 5,000, according to a source's tally. Also see: Amid coronavirus outbreak, airlines run 'ghost flights' to save their airport slots In a further blow this week, US President Donald Trump announced a shock 30-day ban on travel from mainland Europe over coronavirus. The global aviation association on Thursday warned that the US-imposed trans-Atlantic travel ban would further hurt an industry already hard-hit by the crisis, insisting airlines needed "emergency measures" to get through. Also read: UK airline Flybe dealt final blow by coronavirus The move "will create enormous cash-flow pressures for airlines," Alexandre de Juniac, head of the International Air Transport Association (IATA), warned in a statement.

British Airways to cut jobs over coronavirus: CEO

Indian equity market trading on Friday resumed after a 45-minute halt, with equity benchmark Sensex plummeting further to 3,389 points and the broader Nifty sinking below 8,600 level.

<a href="https://www.wionews.com/business-economy/pandemic-on-dalal-street-as-sensex-crashes-by-3090-points-trading-halted-for-45-minutes-286006">Also read: Pandemic on Dalal street as Sensex crashes by 3,090 points, trading halted for 45 minutes</a> 
 
Stock exchanges paused trading for 45 minutes after both indices plunged over 10 per cent, hitting their lower circuit limits, within the first 15 minutes of opening of the session.

Continuing its downward spiral, domestic BSE Sensex was trading 3,380.59 points, down 10.31 per cent at 29,397.55. It hit an intra-day low of 29,388.97, falling up to 3,389.17 points.

Similarly, the NSE Nifty cracked 1,036.20 points, or 10.80 per cent, to 8,553.95 after the resumption of trade.

Tech Mahindra was the top loser on Sensex, cracking up to 15 per cent, followed by Axis Bank, IndusInd Bank, HCL Tech, Kotak Bank and TCS.

Indian equity market trading on Friday resumed after a 45-minute halt, with equity benchmark Sensex plummeting further to 3,389 points and the broader Nifty sinking below 8,600 level.

Indian equity market trading on Friday resumed after a 45-minute halt, with equity benchmark Sensex plummeting further to 3,389 points and the broader Nifty sinking below 8,600 level. Also read: Pandemic on Dalal street as Sensex crashes by 3,090 points, trading halted for 45 minutes Stock exchanges paused trading for 45 minutes after both indices plunged over 10 per cent, hitting their lower circuit limits, within the first 15 minutes of opening of the session. Continuing its downward spiral, domestic BSE Sensex was trading 3,380.59 points, down 10.31 per cent at 29,397.55. It hit an intra-day low of 29,388.97, falling up to 3,389.17 points. Similarly, the NSE Nifty cracked 1,036.20 points, or 10.80 per cent, to 8,553.95 after the resumption of trade. Tech Mahindra was the top loser on Sensex, cracking up to 15 per cent, followed by Axis Bank, IndusInd Bank, HCL Tech, Kotak Bank and TCS.

Trading resumes on stock exchanges; Sensex tanks over 3,300 points

The domestic stock market continued to be in the bear phase with the BSE Sensex opening 2,400&nbsp;points lower after the World Health Organization (WHO) declared coronavirus as a global pandemic. Broader Nifty opened 755.45 points lower on Friday.&nbsp;

At 9:30&nbsp;am, the S&amp;P BSE Sensex was down over 3,090.62 points, or 9.43%, at 29,687.52&nbsp;levels. The NSE Nifty too cracked 966.10 points, or 10.07%, to 8,624.05.

The stock market trading has been halted for 45 minutes&nbsp;for the first time since May 2008.

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet">
Global stocks, past 24 hours. 
 
Italy: -16.6% 
Brazil: -14.7% 
Spain: -14.6% 
Canada: -12% 
France: -12% 
Germany: -12% 
UK: -10.9% 
US (Dow): -10% 
Russia: -8.2% 
India: -8.2% 
Australia: -7.3% 
Turkey: -7.2% 
Indonesia: -5% 
Japan: -4.4% 
S Korea: -3.8% 
HK: -3.6% 
Saudi: -3% 
China: -1.5%
— The Spectator Index (@spectatorindex) <a href="https://twitter.com/spectatorindex/status/1238208741771599872?ref_src=twsrc%5Etfw">March 12, 2020</a></blockquote>
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Yesterday, the Indian equity markets witnessed their steepest one-day fall in absolute terms as risk-sentiment took a hit after the WHO declared the COVID-19 outbreak a global pandemic.

Meanwhile, the rupee&nbsp;hit a fresh record low of 74.48 against the US dollar following sharp sell-off in domestic equities and strength in the greenback against its major crosses.

The domestic stock market continued to be in the bear phase with the BSE Sensex opening 2,400 points lower after the World Health Organization (WHO) declared coronavirus as a global pandemic.

The domestic stock market continued to be in the bear phase with the BSE Sensex opening 2,400 points lower after the World Health Organization (WHO) declared coronavirus as a global pandemic. Broader Nifty opened 755.45 points lower on Friday. At 9:30 am, the S&P BSE Sensex was down over 3,090.62 points, or 9.43%, at 29,687.52 levels. The NSE Nifty too cracked 966.10 points, or 10.07%, to 8,624.05. The stock market trading has been halted for 45 minutes for the first time since May 2008. Global stocks, past 24 hours. Italy: -16.6% Brazil: -14.7% Spain: -14.6% Canada: -12% France: -12% Germany: -12% UK: -10.9% US (Dow): -10% Russia: -8.2% India: -8.2% Australia: -7.3% Turkey: -7.2% Indonesia: -5% Japan: -4.4% S Korea: -3.8% HK: -3.6% Saudi: -3% China: -1.5% — The Spectator Index (@spectatorindex) March 12, 2020 × Yesterday, the Indian equity markets witnessed their steepest one-day fall in absolute terms as risk-sentiment took a hit after the WHO declared the COVID-19 outbreak a global pandemic. Meanwhile, the rupee hit a fresh record low of 74.48 against the US dollar following sharp sell-off in domestic equities and strength in the greenback against its major crosses.

Pandemic on Dalal street as Sensex crashes by 3,090 points, trading halted for 45 minutes

A sharp recovery witnessed in the Indian markets. Sensex climbed 4.04 per cent to close at 34,103.48 while the Nifty closed 3.81 per cent higher at the end at 9,955.2, however, the indexes closed down over 9 per cent each for the week.

Your Story: Sharp recovery in Indian markets | Coronavirus Outbreak

Markets closed on a high on Friday after plunging four per cent during the day as coronavirus fears gripped Dalal Street.

<a href="https://www.wionews.com/business-economy/sensex-nifty-rebound-from-record-lows-log-biggest-intraday-recovery-286113">Also Read: Sensex, Nifty rebound from record lows, log biggest intraday recovery</a>

<a href="https://www.wionews.com/business-economy/trading-resumes-on-stock-exchanges-sensex-tanks-over-3300-points-286029">Sensex</a> climbed 4.04 per cent to close at 34,103.48 while the Nifty closed 3.81 per cent higher at end at 9,955.2, however, the indexes closed down over 9 per cent each for the week.&nbsp;

The rupee to recovered lost ground after falling to a record low of 74.5075 earlier in the session to climb up to 73.84 against the US dollar.

HDFC, State Bank of India, Tata Steel were the big gainers.

Despite the gains, the NSE Nifty 50 index and the benchmark S&amp;P BSE Sensex logged their worst week since 2009.

The indexes had nosedived over 10 per cent earlier in the session, triggering a trading halt for the first time since 2009 amid coronavirus fears as the number of confirmed cases continued to rise in India.

Markets closed on a high on Friday after plunging four per cent during the day as coronavirus fears gripped Dalal Street. Also Read: Sensex, Nifty rebound from record lows, log biggest intraday recovery Sensex climbed 4.

Markets closed on a high on Friday after plunging four per cent during the day as coronavirus fears gripped Dalal Street. Also Read: Sensex, Nifty rebound from record lows, log biggest intraday recovery Sensex climbed 4.04 per cent to close at 34,103.48 while the Nifty closed 3.81 per cent higher at end at 9,955.2, however, the indexes closed down over 9 per cent each for the week. The rupee to recovered lost ground after falling to a record low of 74.5075 earlier in the session to climb up to 73.84 against the US dollar. HDFC, State Bank of India, Tata Steel were the big gainers. Despite the gains, the NSE Nifty 50 index and the benchmark S&P BSE Sensex logged their worst week since 2009. The indexes had nosedived over 10 per cent earlier in the session, triggering a trading halt for the first time since 2009 amid coronavirus fears as the number of confirmed cases continued to rise in India.

Markets recover but suffer worst week since 2009 amid coronavirus fears

Domestic stock market indices rebounded over 4,400 points from the day’s lows and the broader Nifty reclaimed the 9,800 level in the afternoon trade after Nifty and Sensex crashed 10% in big sell-off in the morning session.

At 1:30 PM, the BSE-share index was trading 1,817.13 points or 5.54% higher at 34,595.27. Similarly, the NSE Nifty was trading 525.60 points, or 5.48%, up at 10,115.75.

This was the biggest-ever intra-day recovery of markets after hitting 10 per cent lower circuit. The S&amp;P BSE Sensex was trading around the 34,480 levels, up 1,802 points, or 4.9 per cent. Earlier, the index hit the intra-day low of 29,388.&nbsp;

Earlier in the day, taking cues from global markets, the virus panic hit Indian markets hard in today's session.

Benchmark indices -Sensex and Nifty 50 witnessed major cuts in the first 15 minutes of trading. The Sensex slipped below the 30,000 marks while Nifty hit a three-year low level.

The Indian rupee also cracked to record lows against US dollar. And this led to a trading halt of 45-minutes across all equity and derivatives markets nationwide.

The trading resumed at 10:20 am today and Indian market staged a mild recovery. Sensex saw a pullback of 1800 points. Taking it above the 30,000 marks.

Nifty which tanked to nearly 8400 levels. Recovered in the reopening. Trading above 9,500 levels for now. Rupee also has now recovered from lows. Currently trading at 73.97 against US dollar.

The panic in emerging markets has trickled from global markets. The Thursday trading on wall street saw the worst session since the year 'Black Monday crash in 1987'. And dow jones closed with 10% losses. Along with Nasdaq and S&amp;P 500 losing over 9%.

Shares in Asian markets apart from India also remain under pressure. Tokyo's nikkei sank 3%, while Hong Kong's Hang Seng and South Korea's Kospi are also down over 3% in trade.

Domestic stock market indices rebounded over 4,400 points from the day’s lows and the broader Nifty reclaimed the 9,800 level in the afternoon trade after Nifty and Sensex crashed 10% in big sell-off in the morning session.

Domestic stock market indices rebounded over 4,400 points from the day’s lows and the broader Nifty reclaimed the 9,800 level in the afternoon trade after Nifty and Sensex crashed 10% in big sell-off in the morning session. At 1:30 PM, the BSE-share index was trading 1,817.13 points or 5.54% higher at 34,595.27. Similarly, the NSE Nifty was trading 525.60 points, or 5.48%, up at 10,115.75. This was the biggest-ever intra-day recovery of markets after hitting 10 per cent lower circuit. The S&P BSE Sensex was trading around the 34,480 levels, up 1,802 points, or 4.9 per cent. Earlier, the index hit the intra-day low of 29,388. Earlier in the day, taking cues from global markets, the virus panic hit Indian markets hard in today's session. Benchmark indices -Sensex and Nifty 50 witnessed major cuts in the first 15 minutes of trading. The Sensex slipped below the 30,000 marks while Nifty hit a three-year low level. The Indian rupee also cracked to record lows against US dollar. And this led to a trading halt of 45-minutes across all equity and derivatives markets nationwide. The trading resumed at 10:20 am today and Indian market staged a mild recovery. Sensex saw a pullback of 1800 points. Taking it above the 30,000 marks. Nifty which tanked to nearly 8400 levels. Recovered in the reopening. Trading above 9,500 levels for now. Rupee also has now recovered from lows. Currently trading at 73.97 against US dollar. The panic in emerging markets has trickled from global markets. The Thursday trading on wall street saw the worst session since the year 'Black Monday crash in 1987'. And dow jones closed with 10% losses. Along with Nasdaq and S&P 500 losing over 9%. Shares in Asian markets apart from India also remain under pressure. Tokyo's nikkei sank 3%, while Hong Kong's Hang Seng and South Korea's Kospi are also down over 3% in trade.

Sensex, Nifty rebound from record lows, log biggest intraday recovery

From the markets to the aviation and the hospitality sector - the Wuhan coronavirus could lead to losses worth trillions of dollars. WION's Executive Editor Palki Sharma Upadhyay tells you more.

Gravitas: Wuhan Coronavirus: Global economy takes a hit

Domestic stock market indices on Thursday continued its bear run with the BSE Sensex plunging over 16,00 points.

The plunge in the equity market can be attributed to a similar trend in global markets on persistent fears of the economic impact of the coronavirus epidemic.

At 9:45 am, the S&amp;P BSE Sensex was down over 1,681.15 points, or 4.71%, at 34,016.25 levels. The NSE Nifty too cracked 505.25 points, or 4.83%, to 9,953.15.

Meanwhile, Rupee falls by 82 paise to 74.50 against US dollar in early trade as markets tank over global selloff.

(With inputs from agencies)

Domestic stock market indices on Thursday continued its bear run with the BSE Sensex plunging over 16,00 points. The plunge in the equity market can be attributed to a similar trend in global markets on persistent fears of the economic impact of the coronavirus epidemic.

Domestic stock market indices on Thursday continued its bear run with the BSE Sensex plunging over 16,00 points. The plunge in the equity market can be attributed to a similar trend in global markets on persistent fears of the economic impact of the coronavirus epidemic. At 9:45 am, the S&P BSE Sensex was down over 1,681.15 points, or 4.71%, at 34,016.25 levels. The NSE Nifty too cracked 505.25 points, or 4.83%, to 9,953.15. Meanwhile, Rupee falls by 82 paise to 74.50 against US dollar in early trade as markets tank over global selloff. (With inputs from agencies)

Stock Market bloodbath continues: Sensex plummets 1600 points, Nifty below 10000

Airlines bore the brunt of a dramatic expansion of the coronavirus crisis on Thursday, as U.S. travel curbs on much of continental Europe deepened the sector's misery and piled more pressure on governments to offer emergency support.

The 30-day restrictions will badly disrupt transatlantic traffic key to the earnings of major European carriers and their U.S. airline partners, analysts warned, as the move hit travel stocks already battered by the virus outbreak.

Those routes account for 20-30% of large European operators' revenue and a majority of profit, Credit Suisse analyst Neil Glynn warned, "highlighting the damage to revenue lines for the coming weeks and potentially well into the summer."

Glynn added: "A ban on travel to the U.S. will likely mean heavier cuts" than the drastic capacity reductions already ordered as airlines scrapped flights - first to China and then to other destinations including Italy as the virus spread.

Also read:&nbsp;<a href="https://www.wionews.com/world/qatar-bans-arrivals-from-14-countries-including-india-over-coronavirus-fears-285153">Qatar bans arrivals from 14 countries including India over coronavirus fears</a>

Shares in European and U.S. airlines slumped in turn to new lows, with Delta and United Airlines down more than 13% and American Airlines 7.2% lower.

Air France-KLM was down 9.1% at 1506 GMT, with British Airways parent IAG down 10.7% and Lufthansa 11.5% lower. Troubled Norwegian Air and U.S.-dependent Icelandair both plunged more than 20%.

The U.S. curbs on travel from the 26-country Schengen Area - which excludes Britain and Ireland - are similar to restrictions on China that took effect on Feb. 1 and do not apply to U.S. residents or their immediate family.

"The ban effectively stops travel from the Schengen Area to the USA," said Bernstein analyst Daniel Roeska - predicting a "more substantial" earnings impact than European carriers had suffered from the earlier China flight suspensions.

Also see:&nbsp;<a href="https://www.wionews.com/world/trump-suspends-travel-from-europe-to-us-in-coronavirus-crisis-285714">Trump suspends travel from Europe to US in coronavirus crisis</a>

U.S. airlines had already cut flight schedules to Italy and will take another hit from lower demand for flights from major destinations such as France and Germany.

Among them, American Airlines could be relatively spared by its alliance with British Airways (BA) and a higher share of UK traffic, while Air France-KLM partner Delta and Lufthansa ally United Airlines are likely to suffer more, analysts say.

U.S. Vice President Mike Pence defended the travel curbs on Thursday after the European Union complained they had been imposed "unilaterally and without consultation".

The virus has taken root in the United States after spreading from China to Italy, South Korea, Iran and elsewhere.

Also read:&nbsp;<a href="https://www.wionews.com/world/whole-of-italy-under-coronavirus-lockdown-public-gatherings-banned-285372">Whole of Italy under coronavirus lockdown, public gatherings banned</a>

TOTAL MELTDOWN

Airlines had already been scrambling to respond to a global travel slump that looks increasingly likely to require government aid to avoid widespread insolvencies. The EU will publish new state-aid guidelines on Friday.

Germany may extend loans and other support to airlines, a government official said on Thursday. The French government also stands ready to help Air France-KLM, Finance Minister Bruno Le Maire said.

"There is a need for measures from many governments," said Norwegian pilots' union president Yngve Carlsen. "This could lead to a total meltdown."

Scandinavian carrier SAS is in talks with the Swedish and Danish governments about potential support measures, a company spokeswoman said.

Also see:<a href="https://www.wionews.com/world/coronavirus-outbreak-could-get-bigger-in-winters-study-285720">&nbsp;Coronavirus outbreak could get bigger in winters: Study</a>

EU airlines have seized on the crisis to push back on green taxes designed to help the bloc meet climate goals - including proposals to end current tax exemptions on jet fuel.

"New fiscal burdens should be postponed until the industry is back on a sound operational and financial footing," lobby group Airlines for Europe said.

CRITICAL TIME

The latest travel clampdown could make coronavirus worse than previous aviation crises including the 9/11 attacks of 2001, UK-based consultant John Strickland said.

"It's coming at the end of the northern hemisphere winter, which is a weak period for airline finances (when) they should be sowing seeds of a strong summer season by getting the bookings in," he said.

Air France-KLM and Lufthansa said they were still studying the implications of the U.S. move for flight schedules. IAG is potentially less impacted thanks to BA's Heathrow base.

There were panicky European airport scenes as travellers scrambled to fly to the United States before the restrictions take effect late on March 13.

The fallout is also spreading fast from travel and tourism to the aerospace and other industries.

Safran, the world's third-biggest aerospace group, sees a growing threat&nbsp;

Airlines bore the brunt of a dramatic expansion of the coronavirus crisis on Thursday, as U.S. travel curbs on much of continental Europe deepened the sector's misery and piled more pressure on governments to offer emergency support.

Airlines bore the brunt of a dramatic expansion of the coronavirus crisis on Thursday, as U.S. travel curbs on much of continental Europe deepened the sector's misery and piled more pressure on governments to offer emergency support. The 30-day restrictions will badly disrupt transatlantic traffic key to the earnings of major European carriers and their U.S. airline partners, analysts warned, as the move hit travel stocks already battered by the virus outbreak. Those routes account for 20-30% of large European operators' revenue and a majority of profit, Credit Suisse analyst Neil Glynn warned, "highlighting the damage to revenue lines for the coming weeks and potentially well into the summer." Glynn added: "A ban on travel to the U.S. will likely mean heavier cuts" than the drastic capacity reductions already ordered as airlines scrapped flights - first to China and then to other destinations including Italy as the virus spread. Also read: Qatar bans arrivals from 14 countries including India over coronavirus fears Shares in European and U.S. airlines slumped in turn to new lows, with Delta and United Airlines down more than 13% and American Airlines 7.2% lower. Air France-KLM was down 9.1% at 1506 GMT, with British Airways parent IAG down 10.7% and Lufthansa 11.5% lower. Troubled Norwegian Air and U.S.-dependent Icelandair both plunged more than 20%. The U.S. curbs on travel from the 26-country Schengen Area - which excludes Britain and Ireland - are similar to restrictions on China that took effect on Feb. 1 and do not apply to U.S. residents or their immediate family. "The ban effectively stops travel from the Schengen Area to the USA," said Bernstein analyst Daniel Roeska - predicting a "more substantial" earnings impact than European carriers had suffered from the earlier China flight suspensions. Also see: Trump suspends travel from Europe to US in coronavirus crisis U.S. airlines had already cut flight schedules to Italy and will take another hit from lower demand for flights from major destinations such as France and Germany. Among them, American Airlines could be relatively spared by its alliance with British Airways (BA) and a higher share of UK traffic, while Air France-KLM partner Delta and Lufthansa ally United Airlines are likely to suffer more, analysts say. U.S. Vice President Mike Pence defended the travel curbs on Thursday after the European Union complained they had been imposed "unilaterally and without consultation". The virus has taken root in the United States after spreading from China to Italy, South Korea, Iran and elsewhere. Also read: Whole of Italy under coronavirus lockdown, public gatherings banned TOTAL MELTDOWN Airlines had already been scrambling to respond to a global travel slump that looks increasingly likely to require government aid to avoid widespread insolvencies. The EU will publish new state-aid guidelines on Friday. Germany may extend loans and other support to airlines, a government official said on Thursday. The French government also stands ready to help Air France-KLM, Finance Minister Bruno Le Maire said. "There is a need for measures from many governments," said Norwegian pilots' union president Yngve Carlsen. "This could lead to a total meltdown." Scandinavian carrier SAS is in talks with the Swedish and Danish governments about potential support measures, a company spokeswoman said. Also see: Coronavirus outbreak could get bigger in winters: Study EU airlines have seized on the crisis to push back on green taxes designed to help the bloc meet climate goals - including proposals to end current tax exemptions on jet fuel. "New fiscal burdens should be postponed until the industry is back on a sound operational and financial footing," lobby group Airlines for Europe said. CRITICAL TIME The latest travel clampdown could make coronavirus worse than previous aviation crises including the 9/11 attacks of 2001, UK-based consultant John Strickland said. "It's coming at the end of the northern hemisphere winter, which is a weak period for airline finances (when) they should be sowing seeds of a strong summer season by getting the bookings in," he said. Air France-KLM and Lufthansa said they were still studying the implications of the U.S. move for flight schedules. IAG is potentially less impacted thanks to BA's Heathrow base. There were panicky European airport scenes as travellers scrambled to fly to the United States before the restrictions take effect late on March 13. The fallout is also spreading fast from travel and tourism to the aerospace and other industries. Safran, the world's third-biggest aerospace group, sees a growing threat

Airline crisis worsens as US puts Europeans in coronavirus quarantine

Trading in Wall Street was stopped for the second time this week after stocks plunged due to the coronavirus scare.

<a href="https://www.wionews.com/world/coronavirus-death-toll-in-iran-climbs-to-429-italy-shuts-stores-285891">Also Read:&nbsp;Coronavirus: Death toll in Iran climbs to 429; Italy shuts stores</a>

Trading was stopped after the Dow Jones Industrial Average plunged 7.2 per cent to 21,856.91 and the Nasdaq Composite Index tumbled 7.0 per cent to 7,393.25.

Watch Video:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/coronavirus-pandemic-donald-trump-cancels-trip-to-nevada-colorado-285899/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The S&amp;P 500 dropped 7.0 per cent to 2,549.05 leading to an automatic 15-minute suspension of trading in Wall Street.

The Paris and Frankfurt stock exchanges also fell more than 10 per cent on Thursday afternoon. Paris CAC 40 went down 10.2 per cent while the German DAX 30 in Frankfurt had tumbled 10.3 per cent as the European Central Bank unveiled plans to boost Eurozone economy.

<a href="https://www.wionews.com/photos/namaste-coronavirus-outbreak-forces-change-in-social-interaction-by-world-leaders-285865">In Pics:&nbsp;'Namaste', coronavirus outbreak forces change in social interaction by world leaders</a>

European stock markets dived more than five per cent at the start of trading Thursday as the Dow sank into bear territory on Wednesday amid the coronavirus outbreak in the United States. The Dow Jones Industrial Average had plunged around 1,465 points, or 5.9 per cent, to 23,553.22 on Wednesday.

Meanwhile, oil prices fell more than 6 per cent on Thursday after Russia and OPEC failed to reach and deal compounded by US President Trump's announcement of restrictions on travel from Europe due to the coronavirus.

Brent crude was down $2.33, or 6.5 per cent, at $33.46 a barrel.&nbsp;

Trading in Wall Street was stopped for the second time this week after stocks plunged due to the coronavirus scare. Also Read: Coronavirus: Death toll in Iran climbs to 429; Italy shuts stores Trading was stopped after the Dow Jones Industrial Average plunged 7.

Trading in Wall Street was stopped for the second time this week after stocks plunged due to the coronavirus scare. Also Read: Coronavirus: Death toll in Iran climbs to 429; Italy shuts stores Trading was stopped after the Dow Jones Industrial Average plunged 7.2 per cent to 21,856.91 and the Nasdaq Composite Index tumbled 7.0 per cent to 7,393.25. Watch Video: The S&P 500 dropped 7.0 per cent to 2,549.05 leading to an automatic 15-minute suspension of trading in Wall Street. The Paris and Frankfurt stock exchanges also fell more than 10 per cent on Thursday afternoon. Paris CAC 40 went down 10.2 per cent while the German DAX 30 in Frankfurt had tumbled 10.3 per cent as the European Central Bank unveiled plans to boost Eurozone economy. In Pics: 'Namaste', coronavirus outbreak forces change in social interaction by world leaders European stock markets dived more than five per cent at the start of trading Thursday as the Dow sank into bear territory on Wednesday amid the coronavirus outbreak in the United States. The Dow Jones Industrial Average had plunged around 1,465 points, or 5.9 per cent, to 23,553.22 on Wednesday. Meanwhile, oil prices fell more than 6 per cent on Thursday after Russia and OPEC failed to reach and deal compounded by US President Trump's announcement of restrictions on travel from Europe due to the coronavirus. Brent crude was down $2.33, or 6.5 per cent, at $33.46 a barrel.

Trading in Wall Street halted for second time this week over coronavirus scare

Indian markets witnessed a massive fall on Thursday a day after the World Health Organisation (WHO) declared the coronavirus outbreak as a pandemic.&nbsp;

Sensex crashed 2,919.26 points to end at 32,778.14, while, Nifty shed 868.25 points to closed at 9,590.15.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/sensex-crashes-over-2700-points-nifty-falls-below-9700-285812">Sensex crashes over 2,700 points; Nifty falls below 9,700</a>

All the stocks on Sensex and Nifty ended in the red, with State Bank of India, Axix Bank, ONGC the major losers with upto 13.23 fall in the share value.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/stock-markets-turn-flat-amid-volatile-trade-285539">Stock markets turn flat amid volatile trade</a>

The gulf markets also tumbled on Thursday with Saudi shares declining more than 4.0 per cent after global losses due to fear over the coronavirus pandemic and an oil price war.&nbsp;

Asian markets also witnessed a sea of red with Tokyo's benchmark Nikkei shedding 4.41 per cent today at closing.&nbsp;

The novel coronavirus has spread to 115 countries with global infections standing at 125,293 and death toll at 4,600, as per AFP.&nbsp;

(With agency inputs)

Indian markets witnessed a massive fall on Thursday a day after the World Health Organisation (WHO) declared the coronavirus outbreak as a pandemic. Sensex crashed 2,919.

Indian markets witnessed a massive fall on Thursday a day after the World Health Organisation (WHO) declared the coronavirus outbreak as a pandemic. Sensex crashed 2,919.26 points to end at 32,778.14, while, Nifty shed 868.25 points to closed at 9,590.15. Also read: Sensex crashes over 2,700 points; Nifty falls below 9,700 All the stocks on Sensex and Nifty ended in the red, with State Bank of India, Axix Bank, ONGC the major losers with upto 13.23 fall in the share value. Also read: Stock markets turn flat amid volatile trade The gulf markets also tumbled on Thursday with Saudi shares declining more than 4.0 per cent after global losses due to fear over the coronavirus pandemic and an oil price war. Asian markets also witnessed a sea of red with Tokyo's benchmark Nikkei shedding 4.41 per cent today at closing. The novel coronavirus has spread to 115 countries with global infections standing at 125,293 and death toll at 4,600, as per AFP. (With agency inputs)

Indian markets bleed as Sensex loses 2,919.26 points amid coronavirus fears

Equity benchmark Sensex crashed over 2,700 points and the broader Nifty sank below 9,700 (intra-day) on Thursday, wiping off over Rs 9 lakh crore worth investor wealth, after WHO declared COVID-19 a pandemic, spiking fears of a global economic recession.

After opening around 1,200 points lower, equities continued their downward spiral, with domestic BSE Sensex plummeting 2,707.39 points to 32,990.01 in the morning session.

The 30-share index was trading 2,267.21 points, or 6.35 per cent, lower at 33,430.19 at 1230 hours.

Similarly, the broader NSE Nifty hit a low of 9,648.65, cracking 809.75 points. It was trading 658.55 points, or 6.30 per cent, down at 9,799.85.

The rupee plunged up to 82 paise to 74.50 against US dollar in the morning session. It, however, pared some losses, quoting 46 paise down at 74.14.

The carnage on Dalal Street eroded investor wealth worth Rs 9,15,113 crore, taking the total m-cap to Rs 1,27,98,444.93 crore on the BSE.

The m-cap of BSE-listed companies stood at Rs 1,37,13,558.72 crore at the end of trading on Wednesday.

The day's selloff was triggered after the World Health Organization (WHO), late Wednesday night, termed the new coronavirus or COVID-19 outbreak as a pandemic, and expressed deep concern over the "alarming levels of inaction".

Following the announcement, US President Donald Trump suspended all travel from Europe, excluding the UK, to the US for the next 30 days to stop the spread of the virus.

Brent crude oil futures were around 4 per cent down at USD 34.37 per barrel, after the travel ban.

All Sensex components were trading in the red. Axis Bank was the top loser, tanking over 10 per cent, followed by SBI, Hero MotoCorp, ITC, M&amp;M, Bajaj Auto and Titan.

According to traders, volatility peaked in global markets after WHO's announcement describing the coronavirus outbreak as a pandemic.

Besides selloff in global equities, massive plunge in international oil prices and depreciating rupee added to investor concerns, they added.

Incessant foreign fund outflow also spooked market participants, traders said.

On a net basis, foreign institutional investors sold equities worth Rs 3,515.38 crore on Wednesday, data available with stock exchanges showed.

Elsewhere in Asia, bourses in Shanghai dropped over 1.50 per cent, Hong Kong 3.50 per cent, Seoul 3.80 per cent and Tokyo cracked up to 4.40 per cent.

In overnight trade, the Dow fell into a bear market, and futures pointed Thursday to another rout in New York and Europe.

"Globally, a fall of 20 per cent from the recent peak is normally considered as a bear market. However, the definition does not hold good in India. Given its high beta, Indian markets have corrected by 25-30 per cent number of times as recovered quite quickly to resume the uptrend," said Gaurav Dua, Sr Vp, Head? Capital Market Strategy &amp; Investments, Sharekhan by BNP Paribas.

COVID-19 has claimed over 4,200 lives and infected more than 117,330 people across 107 countries and territories. China remains the hardest-hit with over 80,000 infections and 3,000 deaths.

Equity benchmark Sensex crashed over 2,700 points and the broader Nifty sank below 9,700 (intra-day) on Thursday, wiping off over Rs 9 lakh crore worth investor wealth, after WHO declared COVID-19 a pandemic, spiking fears of a global economic recession.

Equity benchmark Sensex crashed over 2,700 points and the broader Nifty sank below 9,700 (intra-day) on Thursday, wiping off over Rs 9 lakh crore worth investor wealth, after WHO declared COVID-19 a pandemic, spiking fears of a global economic recession. After opening around 1,200 points lower, equities continued their downward spiral, with domestic BSE Sensex plummeting 2,707.39 points to 32,990.01 in the morning session. The 30-share index was trading 2,267.21 points, or 6.35 per cent, lower at 33,430.19 at 1230 hours. Similarly, the broader NSE Nifty hit a low of 9,648.65, cracking 809.75 points. It was trading 658.55 points, or 6.30 per cent, down at 9,799.85. The rupee plunged up to 82 paise to 74.50 against US dollar in the morning session. It, however, pared some losses, quoting 46 paise down at 74.14. The carnage on Dalal Street eroded investor wealth worth Rs 9,15,113 crore, taking the total m-cap to Rs 1,27,98,444.93 crore on the BSE. The m-cap of BSE-listed companies stood at Rs 1,37,13,558.72 crore at the end of trading on Wednesday. The day's selloff was triggered after the World Health Organization (WHO), late Wednesday night, termed the new coronavirus or COVID-19 outbreak as a pandemic, and expressed deep concern over the "alarming levels of inaction". Following the announcement, US President Donald Trump suspended all travel from Europe, excluding the UK, to the US for the next 30 days to stop the spread of the virus. Brent crude oil futures were around 4 per cent down at USD 34.37 per barrel, after the travel ban. All Sensex components were trading in the red. Axis Bank was the top loser, tanking over 10 per cent, followed by SBI, Hero MotoCorp, ITC, M&M, Bajaj Auto and Titan. According to traders, volatility peaked in global markets after WHO's announcement describing the coronavirus outbreak as a pandemic. Besides selloff in global equities, massive plunge in international oil prices and depreciating rupee added to investor concerns, they added. Incessant foreign fund outflow also spooked market participants, traders said. On a net basis, foreign institutional investors sold equities worth Rs 3,515.38 crore on Wednesday, data available with stock exchanges showed. Elsewhere in Asia, bourses in Shanghai dropped over 1.50 per cent, Hong Kong 3.50 per cent, Seoul 3.80 per cent and Tokyo cracked up to 4.40 per cent. In overnight trade, the Dow fell into a bear market, and futures pointed Thursday to another rout in New York and Europe. "Globally, a fall of 20 per cent from the recent peak is normally considered as a bear market. However, the definition does not hold good in India. Given its high beta, Indian markets have corrected by 25-30 per cent number of times as recovered quite quickly to resume the uptrend," said Gaurav Dua, Sr Vp, Head? Capital Market Strategy & Investments, Sharekhan by BNP Paribas. COVID-19 has claimed over 4,200 lives and infected more than 117,330 people across 107 countries and territories. China remains the hardest-hit with over 80,000 infections and 3,000 deaths.

Sensex crashes over 2,700 points; Nifty falls below 9,700

Domestic stock market indices edged higher in volatile trade on Wednesday, as Reliance Industries Ltd gained on the back of a bounce in oil prices.&nbsp;

At 11:15 am, the S&amp;P BSE Sensex was down over 100 points, or 0.28%, at 35,534.38 levels. The NSE Nifty too cracked 46.20 points, or 0.44%, to 10,405.25.

Petrol price at Rs 70.29, reduced by Rs 2.69. Diesel price at Rs 63.01, reduced by Rs 2.33.

The rupee recovered 33 paise to 73.84 against US dollar in early trade on Wednesday amid positive opening in domestic equities and weakening of the American dollar in the overseas market.

The Rupee had fallen to a 17-month low of 74.17 against the US dollar amid mounting fears of a coronavirus-led economic slowdown.

The forex market was closed on Tuesday on account of Holi.

(With inputs from agencies)

Domestic stock market indices edged higher in volatile trade on Wednesday, as Reliance Industries Ltd gained on the back of a bounce in oil prices. At 11:15 am, the S&P BSE Sensex was down over 100 points, or 0.

Domestic stock market indices edged higher in volatile trade on Wednesday, as Reliance Industries Ltd gained on the back of a bounce in oil prices. At 11:15 am, the S&P BSE Sensex was down over 100 points, or 0.28%, at 35,534.38 levels. The NSE Nifty too cracked 46.20 points, or 0.44%, to 10,405.25. Petrol price at Rs 70.29, reduced by Rs 2.69. Diesel price at Rs 63.01, reduced by Rs 2.33. The rupee recovered 33 paise to 73.84 against US dollar in early trade on Wednesday amid positive opening in domestic equities and weakening of the American dollar in the overseas market. The Rupee had fallen to a 17-month low of 74.17 against the US dollar amid mounting fears of a coronavirus-led economic slowdown. The forex market was closed on Tuesday on account of Holi. (With inputs from agencies)

Stock markets turn flat amid volatile trade

Indian business magnate Mukesh Ambani has lost his position as the richest man in Asia after the oil magnate lost a whopping $5.8 billion dollars in a single day as the share price of his company Reliance Industries fell by 12 per cent on Monday.

<a href="https://www.wionews.com/business-economy/mukesh-ambani-becomes-poorer-by-over-rs-41-700-crores-after-sensex-crash-285284">Also Read: Ambani becomes poorer by over Rs 41, 700 crores after Sensex crash</a>

Reliance Industries is primarily engaged in oil refining and petrochemicals business. It took a direct hit&nbsp;as crude oil prices crashed on Monday.&nbsp;Oil prices&nbsp;fell&nbsp;by 30 per cent, its lowest in years following a price war&nbsp;between the two largest oil producers - Saudi Arabia and Russia.

Watch Video:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/ambani-loses-56-bn-in-a-single-day-no-more-asias-richest-man-285491/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The price war comes as a double whammy for the global economy already suffering due to the coronavirus.

Ambani's crown of the richest Asian has now gone to China's Alibaba founder Jack Ma.&nbsp;

The Alibaba group founder has a fortune of $44.5 billion dollars, a comfortable lead of about $2.6 billion over Mukesh Ambani's wealth.

While Jack Ma's Alibaba has also shed in value, the damage has been mitigated by increased demand for its cloud computing services and mobile apps.

<a href="https://www.wionews.com/business-economy/oil-takes-biggest-daily-dive-in-over-a-decade-as-russia-opec-split-284881">Also Read: Oil takes biggest daily dive in over a decade as Russia, OPEC split</a>

Mukesh Ambani's sources of wealth are multiple. He is the chairman and managing director Reliance industries limited. The company is the first-ever Indian company to have crossed a market cap of Rs 10 lakh crore. Currently, it is capped at just over Rs 7 lakh crores.&nbsp;

Mukesh Ambani currently holds 42 per cent shares in the company. The conglomerate is engaged in several businesses including retail, telecom, broadband, media and others.

However, the major chunk of Reliance Industries revenues comes from its operations in the oil and petrochemicals sector. The Mumbai-based company claims that it has the largest oil refinery complex in the world.

Their petrochemical and natural gas business is often used to support other subsidiaries of the conglomerate. However, in a pivot towards diversification and new businesses, Reliance Industries has piled on billions of dollars of debt over the years.

In order to clear off the liabilities, the company has entered into a deal with Saudi Aramco putting up 20 per cent of its shares for sale but the deal is on the back burner for now.

With oil consumption going down and prices also suffering, Reliance Industries was bound to take a hit.

After Monday's oil crash, Mukesh Ambani is now the nineteenth richest man in the world, just a spot below Jack Ma.

Indian business magnate Mukesh Ambani has lost his position as the richest man in Asia after the oil magnate lost a whopping $5.8 billion dollars in a single day as the share price of his company Reliance Industries fell by 12 per cent on Monday.

Indian business magnate Mukesh Ambani has lost his position as the richest man in Asia after the oil magnate lost a whopping $5.8 billion dollars in a single day as the share price of his company Reliance Industries fell by 12 per cent on Monday. Also Read: Ambani becomes poorer by over Rs 41, 700 crores after Sensex crash Reliance Industries is primarily engaged in oil refining and petrochemicals business. It took a direct hit as crude oil prices crashed on Monday. Oil prices fell by 30 per cent, its lowest in years following a price war between the two largest oil producers - Saudi Arabia and Russia. Watch Video: The price war comes as a double whammy for the global economy already suffering due to the coronavirus. Ambani's crown of the richest Asian has now gone to China's Alibaba founder Jack Ma. The Alibaba group founder has a fortune of $44.5 billion dollars, a comfortable lead of about $2.6 billion over Mukesh Ambani's wealth. While Jack Ma's Alibaba has also shed in value, the damage has been mitigated by increased demand for its cloud computing services and mobile apps. Also Read: Oil takes biggest daily dive in over a decade as Russia, OPEC split Mukesh Ambani's sources of wealth are multiple. He is the chairman and managing director Reliance industries limited. The company is the first-ever Indian company to have crossed a market cap of Rs 10 lakh crore. Currently, it is capped at just over Rs 7 lakh crores. Mukesh Ambani currently holds 42 per cent shares in the company. The conglomerate is engaged in several businesses including retail, telecom, broadband, media and others. However, the major chunk of Reliance Industries revenues comes from its operations in the oil and petrochemicals sector. The Mumbai-based company claims that it has the largest oil refinery complex in the world. Their petrochemical and natural gas business is often used to support other subsidiaries of the conglomerate. However, in a pivot towards diversification and new businesses, Reliance Industries has piled on billions of dollars of debt over the years. In order to clear off the liabilities, the company has entered into a deal with Saudi Aramco putting up 20 per cent of its shares for sale but the deal is on the back burner for now. With oil consumption going down and prices also suffering, Reliance Industries was bound to take a hit. After Monday's oil crash, Mukesh Ambani is now the nineteenth richest man in the world, just a spot below Jack Ma.

Mukesh Ambani loses crown of richest Asian to Alibaba founder Jack Ma

A sharp bounce in the price of oil Tuesday provided some support to under-pressure stocks in early Asian trade, a day after global equities suffered their biggest losses in more than a decade.

Also read: <a href="https://www.wionews.com/business-economy/mukesh-ambani-becomes-poorer-by-over-rs-41-700-crores-after-sensex-crash-285284" hreflang="en">Mukesh Ambani becomes poorer by over Rs 41, 700 crores after Sensex crash</a>

World stock markets had capitulated on what has become known as "Black Monday", with the Dow Jones Index in the US losing more than 2,000 points, and the crash even triggering the emergency break in early trade amid panic selling.

Also read: <a href="https://www.wionews.com/business-economy/oil-takes-biggest-daily-dive-in-over-a-decade-as-russia-opec-split-284881" hreflang="en">Oil takes biggest daily dive in over a decade as Russia, OPEC split</a>

But there was some relief on Tuesday as oil prices jumped around six per cent after plunging by a third the previous day, in their worst session since the 1991 Gulf War.

Japan's main Nikkei index opened three per cent lower following the dizzying falls on Wall Street but later pared back losses by more than half.

An hour and a half into trade, the Nikkei stood at 19,622.05 points, a loss of 0.4 per cent compared to the previous day.

The Nikkei was helped by a sell-off in the yen, which is normally heavily bought during times of market uncertainty. A weaker yen is positive for exporters on the Japanese market and usually boosts their share prices.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="http://13.235.153.162/videos/big-blow-to-oil-industry-due-to-covid-19-outbreak-opec-announces-massive-output-cuts-284813/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The market in Seoul was down 0.4 per cent and the ASX in Australia pared losses to around one per cent after opening lower by nearly four per cent.

In China, where authorities reported the lowest number of fresh coronavirus cases since data started being reported in late January, the benchmark Shanghai Composite Index opened 0.61 per cent higher at 2,961.38 points.

The Shenzhen Composite Index, which tracks stocks on China's second exchange, opened 0.63 per cent higher, up 11.68 points, at 1,854.34.

Market panic had been driven by uncertainty over the spreading coronavirus but also a spat between Saudi Arabia and Russia over oil production that had battered prices.

Top exporter Saudi Arabia slashed the prices it charges customers following a bust-up with Russia over crude production cuts, starting a price war that sent traders into a tailspin.

Stephen Innes, the chief market strategist at AxiCorp, described Monday's market reaction as the "sum of all fears" and warned the panic had not stopped yet amid "growing evidence that an oil shock of historic proportions is now underway."

"Severe weakness in energy markets is quickly cascading into broader declines in commodity markets, high-yield credit, and equities," he said.

The panic on Monday was felt around the world, with the Dax blue-chip index in Frankfurt seeing its sharpest single fall since 2001.

London's FTSE index closed down more than seven per cent while in Paris, the CAC-40 index lost over eight per cent, its worst daily drop since the 2008 financial crisis.

"The markets have passed from panic mode into pure hysteria," said Ayush Ansal, chief investment officer at trading firm Crimson Black Capital.

"Markets were at breaking point before Saudi Arabia's decision to launch an oil price war but this latest development has taken them beyond that."

A sharp bounce in the price of oil Tuesday provided some support to under-pressure stocks in early Asian trade, a day after global equities suffered their biggest losses in more than a decade.

A sharp bounce in the price of oil Tuesday provided some support to under-pressure stocks in early Asian trade, a day after global equities suffered their biggest losses in more than a decade. Also read: Mukesh Ambani becomes poorer by over Rs 41, 700 crores after Sensex crash World stock markets had capitulated on what has become known as "Black Monday", with the Dow Jones Index in the US losing more than 2,000 points, and the crash even triggering the emergency break in early trade amid panic selling. Also read: Oil takes biggest daily dive in over a decade as Russia, OPEC split But there was some relief on Tuesday as oil prices jumped around six per cent after plunging by a third the previous day, in their worst session since the 1991 Gulf War. Japan's main Nikkei index opened three per cent lower following the dizzying falls on Wall Street but later pared back losses by more than half. An hour and a half into trade, the Nikkei stood at 19,622.05 points, a loss of 0.4 per cent compared to the previous day. The Nikkei was helped by a sell-off in the yen, which is normally heavily bought during times of market uncertainty. A weaker yen is positive for exporters on the Japanese market and usually boosts their share prices. The market in Seoul was down 0.4 per cent and the ASX in Australia pared losses to around one per cent after opening lower by nearly four per cent. In China, where authorities reported the lowest number of fresh coronavirus cases since data started being reported in late January, the benchmark Shanghai Composite Index opened 0.61 per cent higher at 2,961.38 points. The Shenzhen Composite Index, which tracks stocks on China's second exchange, opened 0.63 per cent higher, up 11.68 points, at 1,854.34. Market panic had been driven by uncertainty over the spreading coronavirus but also a spat between Saudi Arabia and Russia over oil production that had battered prices. Top exporter Saudi Arabia slashed the prices it charges customers following a bust-up with Russia over crude production cuts, starting a price war that sent traders into a tailspin. Stephen Innes, the chief market strategist at AxiCorp, described Monday's market reaction as the "sum of all fears" and warned the panic had not stopped yet amid "growing evidence that an oil shock of historic proportions is now underway." "Severe weakness in energy markets is quickly cascading into broader declines in commodity markets, high-yield credit, and equities," he said. The panic on Monday was felt around the world, with the Dax blue-chip index in Frankfurt seeing its sharpest single fall since 2001. London's FTSE index closed down more than seven per cent while in Paris, the CAC-40 index lost over eight per cent, its worst daily drop since the 2008 financial crisis. "The markets have passed from panic mode into pure hysteria," said Ayush Ansal, chief investment officer at trading firm Crimson Black Capital. "Markets were at breaking point before Saudi Arabia's decision to launch an oil price war but this latest development has taken them beyond that."

Asian Stock Market supported after sharp bounce in Oil prices