Markets Plummet On Dubai's Debt Concerns; Realty Stocks Hit Badly

Equity markets were trading weak, mirroring a similar fall in global markets, after Dubai World asked creditors if it can delay its debt obligations until May.

Heavy selling pressure was witnessed across realty, banking, metal and consumer durable stocks.

BSE Midcap and Smallcap index plunged 2.46 percent and 2.64 percent respectively.

Dubai had collected $80 billion of arrears by escalating in banking, realty and transportation. S&P had assigned the ratings of four Dubai-based banking institutions on negative viewpoint owing to their exposure to Dubai World.

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