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(From Lloyds List)
Byline: Shirish Nadkarni in Mumbai
INDIA'S commercial capital Mumbai shuddered to a halt on Wednesday as heavy rains, touching over 90 cm in a single day, stopped rail and bus traffic, silenced mobile phones and land lines, tripped power lines and destroyed middle-class and slum dwellings.
The rains were the worst in living memory. The Meteorological Bureau said flooding of this magnitude had not taken place within the last century.
Financial and banking services were completely paralysed, while some areas were under as much as five ft of water. Ground-floor dwellings were inundated in several parts of the city, forcing people to take refuge in the houses of neighbours living on higher floors.
Under the circumstances, it was somewhat grotesque to watch the Bombay Stock Exchange index gain further strength by 52 points, and ending the trading day at a new record level of 7,605.03.
The Maharashtra state government declared a two-day holiday for Wednesday and Thursday, and both the BSE and National Stock Exchange ...