TheCompany generated consolidated re enues o US $5.7 billion or iscal yearended 31 March 2008 and is listed on the National Stock Exchange and BombayStock Exchange in India. Global stocks plunge on economic, company pro it worries Stocks? ? ? ? Currencies? ? ? ? Bonds US bonds rebound in sa e-ha en bid, iscal ears persist Crude oil prices rise sharply a ter almost 10 pct drop Dollar at 7-1/2-year peak s pound, euro at 6 week low (Adds close o U.S. markets) By Herbert Lash NEW YORK, Jan 20 (Reuters) - Global stocks plunged and bondprices ell on Tuesday as ears about a deep recession and abattered inancial sector ga e President Barack Obama asobering welcome on his irst day in o ice. The benchmark S&P 500 and Nasdaq market both ell more than5 percent as equity prices crashed through key support le elsholding Wall Street back rom testing lows set in lateNo ember, the nadir so ar o the bear market U.S.
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Treasuries turned mostly positi e as the big stocklosses, led by plunging bank shares in both the United Statesand Europe, re i ed a bid or sa e-ha en go ernment debt. But longer-date bonds ell on worries about a rising supplyo debt needed to und go ernment bailouts o the inancialsector and to li t economies rom a sharp downturn. The euro traded below $1.2900 or the irst time since Dec.10 on concern that the euro zone will su er a deep recession. Optimism o er Obama, who was sworn in as the 44th U.S.president in Washington, also boosted the dollar. Worries about the inancial spread a ter State Street Corp(STT.N), the world's biggest money manager or institutions, onTuesday said it needs to raise capital, dragging U.S bankingindexes to lows last seen in 1995. "Stocks are getting crushed because o the ne er-endingtragedy that has allen upon the banking sector," said TomSowanick, chie in estment o icer o hedge und Clearbrook inancial LLC in Princeton, New Jersey.
State Street's stock ell 59 percent while shares o Banko America (BAC.N) shed 29 percent and Citigroup (C.N) ell 20percent, hitting their lowest le els since the early 1990s U.S. markets had been closed on Monday or the MartinLuther King, Jr holiday. European banking shares also ell hea ily, extendingMonday's slide, with Lloyds Bank (LLOY.L) sliding 31 percent,Barclays (BARC.L) down 17 percent and both BNP Paribas(BNPP.PA) and Societe Generale (SOGN.PA) o 13 percent. "Once you ha e lost con idence, it takes our to i e timeslonger to regain con idence," said ranz Wenzel, strategist atAXA In estment Managers in Paris.