Why did the stock market indices once again fall so sharply on 18 March?

It was a day of mayhem on Dalal Street on 18 March as Indian benchmark indices ended deep in the red. It actually hit a 3-year low on Wednesday. Most of the blue chips took a dip as the HDFC twins, ICICI Bank, Kotak Mahindra Bank and IndusInd Bank dragged the Sensex 1709 points lower to close at 28,869. Sensex had actually opened positive but closed below psychologically crucial 29,000 levels. Even the Nifty dipped below the lows of the lower circuit deal, which opens the doors for further weakness. Banks and telcos came under pressure after adverse Supreme Court order on AGR self-assessment issue. Most banks like IndusInd and Kotak took a hit on their exposure to the telecom sector as the sector will again be pushed to the verge of solvency challenges. Among the telecom companies, Vodafone Idea took a hit of 32% while Bharti Infratel slipped 23.19%. Only ITC and ONGC were in the green with all other Sensex shares were in the red on 18 March. It was largely the AGR order by the SC.