Black Friday, again: Here are three key reasons why market crashed today

Banking stocks took a beating on Friday following developments around YES Bank. The private lender's board was superseded by the Reserve Bank of India (RBI)

Mirroring global peers, the Indian stock market, too, crashed on Friday as a double whammy of Coronavirus jitters and a sharp sell-off in banking space owing to developments around State Bank of India (SBI) and Life Insurance Corporation of India (LIC) picking stake in the troubled private sector lender YES Bank, compelled investors to pull out money from the equities and rush to safe havens.

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The S&P BSE Sensex tanked over 1,450 points or 3.8 per cent at open to 37,000 levels. NSE's Nifty50 slipped below 11,000 levels and hit a low of 10,827.