ri Lanka halts stock trading as share prices plunge

The share market in crisis-torn Sri Lanka plunged nearly 13 percent leading to halting of trade for the second time this month on Monday, after resuming from a two-week break.

Monday was the first morning of trade on the Colombo bourse following a weeklong Sri Lankan New Year holiday and a five-day trading halt after the Gotabaya Rajapaksa-led government raised interest rates and defaulted on its $51 billion foreign debt, reports Hindustan Times.

The island nation is grappling with its worst economic crisis in decades, with regular blackouts and acute shortage of essentials, including food and fuel amid intensified civil protests against the government.

The country’s equities have shed nearly 40 percent of their value since January, with the local currency falling by a similar amount.

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