India’s financial capital saw its worst blackout in decades because of a grid failure. This disrupted transport networks and briefly hitting trading volume in bond markets. Mumbai witnessed a power outage at around 10 am local time.
“In my 18 years in Mumbai, I haven’t come across such a widespread disruption right in the middle of the busiest time for equity markets,” said Chokkalingam G, chief investment officer at Equinomics Research & Advisory Ltd. in Mumbai, whose home still doesn’t have power. “Especially during a pandemic a recurrence of such an event isn’t good.”
Mumbai largely been immune to the daily power outages that plague large swathes of the nation. However earlier the country experienced a major power outage in 2012.
Mumbai hasn’t seen a power outage as extreme as the one today.