"This is very disappointing and comes at a worst time ahead of the Brexit vote and the slow start to the monsoon. FIIs will react negatively to this statement," said Dharmesh Mehta, MD, Axis Capital.India VIX, a short term gauge of volatility has climbed 23.5 per cent over the last one week to 17.35. MUMBAI:The sooner-than-expected announcement by Raghuram Rajan to step down as the Reserve Bank of India's Governor may jolt the stock market on Monday. Back home, investors are also concerned about the slow start to the monsoon and the impact of $20-billion outflows when FCNR (B) deposits, raised in 2013, are redeemed in September-November. Since the beginning of Rajan's tenure on September 4, 2013, FII flows have been robust.

Source: Economic Times June 19, 2016 21:07 UTC