In the past decade, the Indian equity market has seen many ups and downs with brutal corrections, which has led to steep gains. However, it was in these last 10 years that the market saw the biggest falls. Moneycontrol takes a look at the biggest corrections in the Indian markets in the last 10 years and the reasons behind them. January 21, 2008: The benchmark index Sensex on January 21, 2008, saw its biggest ever fall of 1408 points. The Sensex recovered to close at 17,605.40 after it plunged to the day's low of 16,963.96, on high volatility as investors panicked following weak global cues and fears of a recession in the US. January 22, 2008: The next day, Sensex witnessed its biggest intraday fall and hit a low of 15,332, down 2,273 points. However, it recovered the losses and closed at a loss of 875 points at 16,730. The Nifty closed at 4,899 at a loss of 310 points. February 11, 2008: The Sensex dropped 4.57 percent within a day, as the index shed 796.43 points. The benchmark index fell 833 points, or 4.78 percent and closed at 16,630 on growing global worries over slowing economic expansion. The reasons cited for this fall were weak global markets and disappointing corporate earnings. March 3, 2008: Due to whispers of a recession in the US economy and some Budget related issues, BSE's benchmark Sensex saw its second largest fall on this day. It lost 900.84 points to close at 16,677.88 on frantic selling by funds. March 17, 2008: The Sensex tanked 3.38 percent or 517.44 points intraday, but that was not the worst news for the markets that day. The Index dropped and closed lower by 6 percent, thereby shedding 951 points and closing below the 15,000 mark. Gold prices zoomed past all previous records and opened at a new high of around Rs 13,500 in the bullion market on the back of brisk buying. October 24, 2008: The Sensex plunged 9.09 percent intraday or 869.64 points. However, the index was down by 1070.63 points or 10.96 percent to close at 8,701.07 while the Nifty ended at 2,557.25, down 13.11 percent or 386 points. The BSE Midcap closed 8.38 percent lower and BSE Smallcap Index ended 7.66 percent down. The main reason for the fall was that the Central Bank in its policy review did not reduce its rate. July 6, 2009: The Sensex tumbled 6.98 percent intraday by around 1054.47 points, as investors went on a selling spree following the Government not coming out with any significantly positive news on the reforms and divestment front when it presented the Union Budget. The Index however closed down 869.65 points, or 5.8 percent to 14,043.40. August 24, 2015: The Sensex tanked 3.7 percent intraday on August 24, 2015, and ended over 1,600 points down, the biggest in over seven years led by global markets crashing. The rupee fell to 2-year low and plunged by 66 paise to trade below Rs 66 level against the dollar for the first time in almost two years in opening trade on sustained capital outflows even as the US currency weakened overseas. Overseas investors pulled out nearly Rs 2,000 crore from the Indian stock markets amid concerns over Chinese economy coupled with a sharp erosion in the value of rupee. February 2, 2018: Benchmark indices witnessed the steepest single-day fall in more than a year as stricter tax rules for stock investments and the easing of fiscal deficit targets unnerved investors. The Sensex plunged about 890 points, or 2.3 percent to close at 35,018 points. The reason behind the fall was the tax on income from equity mutual funds. As per the Budget proposals, investors will have to pay 10 percent Long Term Capital Gains tax on distributed income from equity-oriented mutual funds.