Lloyd’s of London chief executive John Neal said last week that the impact for the 330-year old commercial insurance market was likely to be felt through claims for supply chain disruption.

Indian equity markets quickly erased the gains made in a volatile start on Friday to head southwards, dragged down by index heavyweights HDFC twins and ICICI Bank( down 3 per cent). HDFC Bank slipped over 7 per cent and HDFC was down 4 per cent.

The S&P BSE Sensex hovered around 28,000 levels, down 200 points, or 0.7 per cent, after the initial jump.  The Nifty50 index was trading with slight cuts at 8,240 levels. The Nifty sectoral indices were trading mixed. While Nifty FMCG and Nifty Pharma indexes traded over 3 per cent up each, the Nifty Bank and Nifty Financial Services indexes dipped 3 per cent each.

Trump, speaking at a news conference, pointed to efforts on Gilead Sciences Inc’s experimental antiviral drug Remdesivir and the generic antimalarial drug hydroxychloroquine, saying he had called on the U.S. Food and Drug Administration to streamline its regulatory approval process.

With over 242,000 infections and nearly 10,000 deaths, the epidemic has stunned the world and drawn comparisons with painful periods such as World War Two, the 2008 financial crisis and the 1918 Spanish flu.