Prime Minister Narendra Modi’s decision to demonetise denominations above Rs 100 and circulate newly designed Rs. 500 and Rs 1000 sent tremors across the country on 8 November. By dawn the next day, news of how and to what extent, several industries would be affected by it, apart from the citizens, were circulating in the media.
The unprecedented step has hit the markets hard, to say the least, as Sensex and Nifty 50 dropped to the lowest since August 2015. As the stock market recovered, real estate, jewellery, and recreation and a section of F&B industry are being expected to feel the brunt the most.