The government asserted that India's growth and fundamentals are strong and attributed the stock market crash to withdrawal of funds by foreign investors and depreciation of the rupee.

Talking to reporters in Delhi yesterday, Finance Minister Mr. Pranab Mukherjee said that markets have crashed because of continuous withdrawal of funds by Foreign Institutional Investors. He said, there is still uncertainty prevailing in the Euro-zone.

The Finance Minister said, the Rupee depreciation also has adverse impact and all cumulative effects are there.

Foreign Institutional Investors have withdrawn Rs 2,352 crore from the equity market, between 16th and 22 of this month, adding to the woes of stock markets.