Worst Mumbai power failure in decades hits trading volume
Live MintIndia’s financial capital saw its worst blackout in decades because of a grid failure, disrupting transport networks and briefly hitting trading volume in bond markets. Mumbai, home to India’s biggest stock exchanges, financial regulators and the central bank, witnessed a power outage at around 10 am local time. While Mumbai has largely been immune to the daily power outages that plague large swathes of the nation, a long and widespread blackout in the capital of India’s most industrialized state would make it harder for Prime Minister Narendra Modi to revive an economy that shrank 24% in the quarter ended June. “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.” The country had experienced a major power outage in 2012 impacting 360 million people due to a grid failure while a glitch at a power station of Tata Power in 2014 led to disruption in parts of Mumbai.