Pakistan Stock Market Crashes To Record Low After Cutting Ties With India

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Article 370, which gives special status to Jammu & Kashmir was revoked by Narendra Modi on August 5th. Both the upper house and the lower house of the Parliament approved the resolution abrogating Article 370 for J&K and a bill to bifurcate the state into two union territories, Jammu and Kashmir and Ladakh, with Home Minister Amit Shah saying the controversial provisions were responsible for poverty and lack of development in the state.

Soon after the Article was scrapped, Pakistan reacted to it. Pakistan¬†expelled Indian envoy Ajay Bisaria from the country.¬†Pakistan has also decided to not send its High Commissioner-designate who was supposed to take charge in August. In a series of other moves by the neighbouring country, it has decided to downgrade ties with India. It has also decided to suspend bilateral trade with India and review all bilateral arrangements with India. Pakistan has also said that it will take India’s internal matter of Kashmir to United Nations, including the Security Council. It has also decided to observe 14 August, its Independence Day in solidarity with ‘Kashmiris’. and declared August 15, India’s Independence as ‘Black Day’. It has on Thursday decided to stop Samjhauta Express – a train service between India’s Attari and Pakistan’s Lahore.

Imran Khan Government also cut off trade ties with India, following which Pakistan stock market crashed down to record low. Pakistan is now facing a severe crisis on stock market as their stock market is down by 800 points.

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