From correspondents in Maharashtra, India, 06:02 PM IST

Securities and Exchange Board of India (Sebi) chairman C. B. Bhave Friday said there was 'no unusual' activity in the stock market, which plunged nearly 10 percent Friday.

'There has been no shorting by institutions in our cash markets,' the chief of the Indian securities market regulator told a private television channel.

'We also have confirmation from both stock exchanges (National Stock Exchange and the Bombay Stock Exchange) that there is no unusual trading,' he added.

Bhave said the markets worldwide have been hammered on account of a liquidity crunch amid fears of a global recession.

(Staff Writer, © IANS)