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Indian stock market crashed after demonetization announced

Usually only countries with failed or failing economies are announcing demonetization, so when the indian government announced demonetization on November 8, 2016, the indian stock market crashed to a very great extent. The demonetized Rs 500 and Rs 1000 notes were 86% of the currency in circulation, and when the government declared that the currency was invalid, there was very less currency available for making payment for expenses.
So a large number of companies and individuals would reduce their regular expenses, till the new currency notes were available, Till November 2016 end, it was difficult to get new Rs 500 notes .

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