
When the market tanked a thousand points, did somebody call to at least understand what was going on?
No. I don’t think anyone called me. Again I am glad you asked this, because when the market tanked on a few days, we have come on television in order to clarify to the investors that the closure is as per our system and it’s not a panic reaction to the foreign markets. Other than that, we have taken no position on market levels.
So it’s not as if you are closing the market because it’s falling. It just trips by itself.
It is something that is set in motion objectively.
In your time, it’s (the Sensex) seen 5,000, it’s seen 20,000. Were there nights when you lost sleep?
I won’t say I lost sleep on account of this. One loses sleep on account of a number of things, so you can’t really have a causal relationship with any particular thing. You did worry, not about the level, but the pace at which the market kept reaching the lowest level.
You did worry.
I think one did worry because at the back of our minds, the question was, is this orderly conduct in the market place?
Can you go back and tell us when were you most worried about a rising market.
I won’t say worried. I would say four days, when it gained a thousand points, you did tend to . . . whether there was irrational exuberance in the market place. You asked yourself if things were going too fast.
... contd.