India’s financial capital saw its worst blackout in decades because of a grid failure, disrupting transport networks and briefly hitting trading volume in bond markets.
Mumbai, home to India’s biggest stock exchanges, financial regulators and the central bank, witnessed a power outage at around 10 am local time. Power tripping — or an overload in the circuit that forces the system to shut down automatically — was the reason for the grid’s collapse, according to local power utility Tata Power Ltd. Electricity is gradually being restored across the island city.
BSE Ltd. and National Stock Exchange of India Ltd. continued to function normally. But trading volumes in the fixed-income market dropped as many traders, sheltering from the coronavirus pandemic at home, failed to complete trades. Some rail services were halted, while airport operations and hospitals remained unaffected.
