London: Global stock markets were awash in red on Friday, with shares in Asia and Europe crashing over 8 per cent, after investors jolted by Britain's decision to exit the European Union went on a selling spree.
From Tokyo to Mumbai to Paris, shares fell like a pack of cards that wiped off investor wealth worth billions of dollars even as governments went into an overdrive to soothe frayed nerves with assurances of timely intervention.
In afternoon trade, France's benchmark CAC 40 index dived over 8 per cent to 4,098 while German key DAX slumped more than 6 per cent to 9,563.
As the carnage in the stock markets continued throughout the day, London Stock Exchange's key FTSE 100 fell nearly 4 per cent to 6,108 points in the afternoon.
Japanese shares were no better as the country's benchmark Nikkei 225 plummeted nearly 8 per cent to 14,952.02.
After plunging 1,090 points in early morning trade, the Sensex ended the day 605 points lower -- its biggest single-day fall in over four months -- at 26,397.71.
Brexit jitters seemed to have a lesser impact on Chinese stock market as the country's key index shed only 1.3 per cent to end the day at 2,854.29.
US stocks slumped in early trade and Dow Jones Industrial Average slid over 370 points to 17,640.
As policymakers get ready to chart out the next course of action, especially in Europe which has been seeing anaemic growth, recalibration of strategies is likely while the US Federal Reserve might delay a rate hike.
International Monetary Fund (IMF) Managing Director Christine Lagarde it would strongly support commitments of the Bank of England and the European Central Bank to supply liquidity to the banking system and curtail excessive financial volatility.
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