The Nifty slipped below 8,500 to hit a fresh 3-year low but pared some losses to close 5.5% lower at 8,468.80. The benchmark Sensex tumbled 5.59% to 28,869.

“Coronavirus has hitherto not impacted the Indian economy yet export sector has started feeling the pinch with many requests from buyers to hold back shipments till further instructions. We feel that a significant number of such requests may eventually lead to cancellation of orders,” it said.

India has reported 169 cases of Covid-19 till now, as per government figures. A case of community transmission in Tamil Nadu indicated the numbers could go much higher.After sinking over 2,152 points, the BSE barometer was trading 1812.19 points or 6.28 per cent lower at 27,057.32 at 0930 hours.