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Market meltdown a 'correction': Chidambaram

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May 16, 2006 13:19 IST

Finance Minister P Chidambaram on Tuesday termed the steep fall in the stock market as a correction triggered by factors, including a fall in metal prices.

"I will put it as a correction provoked by reasons which are quite understandable. All metal prices are down and there is some impact of cement prices and increase in US Fed rate. All markets are doing the same," he told reporters in New Delhi.

The Bombay Stock Exchange benchmark Sensex on Tuesday continued its fall for the fourth successive session and tanked 499 points at noon, but has since then recovered slightly.

ALSO SEE: Sensex tanks: What to buy now?

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