Stocks of information technology companies like Infosys, Tata Consultancy Services, Wipro, Tech Mahindra, Mahindra Satyam and Patni Computer tumbled 3-6% on Friday due to fresh concerns on a likely double-dip recession in the US and spread of the Euro zone crisis.
CNBC-TV18 catches up with Arvind Virmani, India's representative to the International Monetary Fund (IMF) to understand what he makes of the market situation in India and globally.
Standard & Poor's Ratings Services believes crude oil prices over $148 a barrel could cause global panic and risk a double-dip economic recession, said its global chief economist David Wyss.