From the chaos on Dalal Street, Chairman Mahindra Group Anand Mahindra stole a moment of levity on Twitter by trying to come up with a new term for the stock market crash.
Mahindra tweeted, "Time to coin a new phrase. When markets panic over a pandemic is it a 'pandemic'?". The 'pandemic' Mahindra is referring to is the coronavirus outbreak that has been troubling China since December.
Time to coin a new phrase. When markets panic over a pandemic is it a 'panicdemic?'- anand mahindra (@anandmahindra) February 28, 2020
In reply to Mahindra's tweet, Twitter user Dr. Renu Sharma wrote "Panic Mat-Carona!". Mahindra liked the answer and later retweeted it with a smiley and a thumbs up.
On Thursday the first case of coronavirus was discovered in the US, which caused a frenzy among global investors. Investors in India watched as US Dow Jones dropped 1,191 points on Thursday night - worst drop in the history of the institution. This set the stage for the worst crash of global markets since 2008. Sensex too crashed near 1500 points.
Meanwhile, coronavirus has infected more than 83,000 people on a global scale. Mainland China has seen 2,788 deaths and near 80,000 cases. South Korea reported 256 new coronavirus cases on Friday. These are the most number of cases reported in a country outside of China.