The Sensex slumped almost 11% to a low of 16,952, but has now recovered some what and is down 1,486 points at 17,528."There has been risk aversion among FIIs on the back of spreading credit crunch in US. Concerns of a recession in world's largest economy has led to a selling spree among FIIs", said an analyst who did not wish to be named. Mukul Gupta, CEO, Birla Sunlife Mutual Fund said, "Though a correction was expected, how deeper it would be was not known. Fundamentals of Indian economy are still intact.The main losers in this crash are momentum stocks. We will have to wait and watch for few more day to gauge the market movement from now onwards."ACC has slumped almost 20% to Rs 695. NTPC has tumbled nearly 18% to Rs 197.Reliance Communications and Hindalco have plunged over 16% each to Rs 585 and Rs 155, respectively.Reliance Energy has slipped over 15% to Rs 1,800, and Ambuja Cements has declined 14% to Rs 113.Reliance has shed 14% at Rs 2,410.Out of 2,776 stocks traded so far, 2,625 have declined, 135 have advanced and 16 are unchanged.
