​"It will certainly open the tap for big money to flow into the distressed asset space in India,” said Srini Sriniwasan, managing director, Kotak Investment Advisors, the alternative investment arm of the Kotak Mahindra Group that also manages a $1-billion special situations fund.

Every bubble attracts small investors in hordes and leaves them much poorer. The bubble has a tendency to grow fast, making people richer at a rapid pace during the growth phase.

Brent crude futures were down 15 cents, or 0.2%, at $88.05 a barrel at 0105 GMT, having jumped 2.2% in the previous session.

Traders and investors typically move to safer digital assets such as stable coins (like Tether, which is pegged to the US dollar) during times of price crash and high volatility. "We have seen investors selling assets and converting them to USDT as the rate is around the $82.5-83 mark, which is currently very favourable," said Shekhar of ZebPay.

This is the first market holiday of the year, and will likely give breathing space to traders amid heightened volatility in the market.

Warburg Pincus, the single largest shareholder with around 36% stake, will divest shares worth Rs 700-800 crore in the Boat IPO, likely to be an equal mix of fresh stock and an offer for sale.

Boat, one of the largest direct-to-consumer, audio-focused electronics brands in India, is set to file a draft red herring prospectus for a Rs 2,000-crore initial public offering with the Securities and Exchange Board of India this week. The New Delhi-based company is expected to seek a valuation of $1.5-2 billion in the IPO to be floated this year, people aware of the matter told ET.

Two provident-fund trusts at the Tata-bound carrier are selling an estimated Rs 4,500-5,000 crore of bond portfolio, including debt sold by states, the Centre and some corporates, as the management of the corpus will now shift to the Employees’ Provident Fund Organisation (EPFO) after the Tata Group takeover.

Revenues rose 6 per cent YoY to Rs 2,108 crore in Q3FY22 compared to Rs 1,995 crore in Q3FY21

The Dow Jones Industrial Average fell 177.86 points, or 0.52 per cent, at the open to 34,186.64.