Jairam Ramesh. FIle
| Photo Credit: ANI

The Congress on Monday (April 7, 2025) took a swipe at Prime Minister Narendra Modi over the stock market crash, saying both he and U.S. President Donald Trump are experts in giving their economies “self-inflicted wounds” and that markets are reacting predictably in a “tariffying” manner.

Stock market benchmark indices went into a tailspin in early trade on Monday (April 7, 2025), with the Sensex and Nifty crashing more than 5%, mirroring a sharp fall in global equities, after U.S. President Donald Trump’s tariff hikes and retaliation from China fanned fears that a full-blown trade war will impact economic growth across the globe.

Stock market crash LIVE updates

The 30-share BSE benchmark Sensex crashed 3,939.68 points or 5.22% to 71,425.01 in early trade. The NSE Nifty tumbled 1,160.8 points or 5.06% per cent to 21,743.65.

In a post on X, Congress general secretary in-charge communications Jairam Ramesh said, “It is no wonder that Mr. Modi and Mr. Trump describe themselves as good friends. Both are experts in giving their economies self-inflicted wounds.” “November 8, 2016 was demonetisation. April 2, 2025 was the bizarre reciprocal tariffs. Markets are reacting predictably in a tariffying manner,” Mr. Ramesh said.

All the Sensex firms were trading in the negative territory. Tata Steel dropped more than 8%, followed by Tata Motors which cracked more than 7%. HCL Technologies, Tech Mahindra, Infosys, Larsen & Toubro, Tata Consultancy Services and Reliance Industries were the other big laggards.

In Asian markets, Hong Kong’s Hang Seng tanked nearly 11%, Tokyo’s Nikkei 225 plunged nearly 7%, Shanghai SSE Composite index dropped more than 6% and South Korea’s Kospi index sank 5%.

The U.S. markets ended sharply lower on Friday (April 4, 2025.) The S&P 500 plummeted 5.97%, Nasdaq composite slumped 5.82% and the Dow tumbled 5.50% on Friday (April 4, 2025.)