India, Jan. 24 -- This week, during the five trading sessions, the Sensex, or the Bombay Stock Exchange (BSE) index, was down by 1,500 points, or nearly two per cent. On Friday, January 23, it crashed by more than 750 points, or nearly one per cent, as investors lost Rs 6,50,000 crore in a single session. Worse, the Friday sell-off in the midcaps and small-caps was more intense and aggressive, as these indices on the BSE dropped by 1.6 per cent, and 2.2 per cent, respectively.

The shares of the Adani Group dropped more sharply on Friday, with the reasons having to do little with the macro factors. Adani Ports was down seven per cent in a day, and Adani Enterprises nearly 11 per cent. The drop started just after 12 pm, and slumped over th...