Friday, 21st September 2018, was dramatic in the Indian stock market. The BSE Sensex, which opened on a strong footing, suddenly tanked 1,127.58 points, or 3.03 per cent, to hit a low of 35,993.64 in afternoon trade, before staging an equally sharp recovery within minutes. It finally closed at 36,841.60, down 279.62 points. Shares of housing finance firms slumped, with Dewan Housing Finance tumbling up to 42 per cent on fears of a liquidity crisis. Reports of debt defaults by IL&FS also sparked concerns, which spilled over into other NBFC counters. Our Analysis.