Jaitley confident markets will settle even as Sensex tumbles to seven-year low

Says government and RBI are watching the situation closely

Finance minister Arun Jaitley on Monday tried to calm down investors as markets witnessed bloodbath on global cues.The Sensex was down over 1,400 points at 2:55 p.m., the biggest fall in seven years.

Speaking at annual conference of the Central Board of Excise and Customs (CBEC), Jaitley said  the markets will settle down.

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The government and RBI are watching the situation closely, the finance minister said.

He said India faces multiple situation emanating from global developments