Sensex crashes 1,625 pts; Rs 7 lakh crore wealth wiped out

Mumbai, Aug 24: The Bombay Stock Exchange (BSE) Sensex today crashed 1,625 points marking its third biggest crash in its history. Although, over Rs 7 lakh crore wealth was wiped out in today's crash so far, Finance Minister Arun Jaitley said that Indian market will settle down and officials are closely watching the situation. The rupee weakened from Rs 64 per dollar to Rs 66.74. RBI Governor Raghuram Rajan said that India's position is better than other emerging countries. The depreciation in rupee hits foreign investors and diminishes their returns. However, experts said that India would achieve higher growth rate when compared to other emerging countries.