India's Sensex dips below 12,000 to two-year low

Mumbai, Oct 6 (IANS) After opening on a weak note Monday, Indian equities plummeted Monday on fears of major pullout of funds by foreign institutional investors (FIIs) even as worries escalated over recession in the US economy and an overall global slowdown.

The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened sharply lower at 12,284.

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49 points, against Friday's close at 12,526.32 points.

Midway into the trading session, the barometer, 30-share index was ruling below the psychologically-important level of 12,000 points at 11,978.46 points, to log a loss of 547.86 points, or 4.37 percent, over the previous close.

Each of the scrips that form the basket of Sensex shares were trading in the red, led by Tata Power, down 12.88 percent, followed by Jaiprakash Associates, down 11.54 percent and Sterlite, down 10.80 percent.