ibnlive » India

Oct 23, 2008 at 03:50am IST

Economic meltdown claims life

Mumbai: The Sensex closed 500 points down on Wednesday. The volatility and the meltdown is slowly claiming victims. A man committed suicide in Mumbai after killing his pregnant wife, he is said to have lost all his investments in the market meltdown.

A deathly silence hangs over this building in Mumbai, where young Parag Tanna killed his pregnant wife and then hanged himself, because the stock market crash made him unable to support his family anymore.

Parag's mother discovered the bodies around 9pm on Tuesday evening. Parag was found hanging using a nylon rope while his wife was found strangled.

“He had left a suicide note saying that because of his financial situation, he couldn't support his family and his child, hence he was taking his wife's life and then his own,” says SPI, Mumbai police, Surendra Jaiswal

The police confirmed that Parag used to work with a stock broking firm until some time ago, and had heavily invested in the stock market but the extent of his losses remain unknown.

“He has left his family in the dark even his mother says that he never said anything about this,” says victims cousin.

This is the second incident of a family committing suicide because of their bad financial condition in the last couple of weeks. And Parag's extreme step is perhaps the first sign of the repercussions of the stock market crash trickling down to the grassroots level.