M Damodaran, chairman, Securities and Exchange Board of India (Sebi) today said linking the fall in stock markets in India to the subprime mortgage crisis in the US would be over-simplification."I think to relate movement of indices to one factor, specially when that is an external factor, would be over-simplification," Damodaran told reporters to a query whether the subprime crisis in the US is affecting the Indian markets.There are several other explanations why share markets were up or down, he added."I think it would be brave on anybody's part to say that he or she sees any casual relationship between any particular cause and the way markets have moved," he said on the sidelines of the J R D Tata Memorial Lecture here.At the end of the day, markets are up or down depending on how many have bought shares and how many sold them and at what prices, Damodaran said.The market regulator said he is not too worried about volatility in the market so long as there is no disorderly conduct in the market.Analysts attributed the fall in the Indian stock market today (the Sensex dropped over 200pts) to cues from Europe where markets were on a bearish run after France's biggest bank BNP Paribas suspended withdrawals from three mutual funds on concerns related to the US subprime crisis.
