BOMBAY, May 26 (1999): India’s airstrikes in Kashmir on Wednesday shook the currency and stock markets in India and bruised share prices in neighbouring Pakistan.

Indian fighter jets and helicopter gunships launched dawn airstrikes against what government officials described as “infiltrators” from Pakistan on the Indian side of the ceasefire line dividing Kashmir.

The news knocked three percent off the benchmark Bombay share index, before it recovered slightly to close 2.14 percent down at 3,973.30 points.

But the Karachi 100-share index was mauled by the strikes. The index closed down 6.56 percent, or 91.28 points lower at 1,300.69 in late trade, after earlier falling by as much as seven percent.

After Bombay’s markets closed, an Indian defence official said there had been a second round of air strikes in the afternoon.
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