UK EU referendum News

The news of UK's exit from the European Union has also triggered a massive jolt in the global financial markets, forcing several countries to adopt defensive measures to tackle the crisis.

Country's strong macro-economic fundamentals will help it withstand the Brexit fallout, although companies having exposure to the UK need to realign their strategies to stave off the negative impact on their businesses, India Inc said on Friday.

Finance Minister Arun Jaitley and Reserve Bank of India (RBI) Governor Raghuram Rajan on Friday said a solid economy and planned government reforms would allow the country to withstand any major impact from Britain`s vote to leave the European Union.

Britain's exit from the European Union will have a muted impact on the over USD 17 billion Mahindra Group, but the event highlights the importance of sound risk management for the corporate world, the Group said Friday.

Tata Sons on Friday termed access to markets and skilled workforce as "important considerations" after Britain voted in favour of leaving the European Union and said that each of its 19 firms having interests in the UK will do a business review.

The UK vote to leave the EU has opened up a "Pandora's box of grave uncertainties" and India cannot be in denial that it will be immune to the development, Biocon CMD Kiran Mazumdar-Shaw has said.

London stocks plunged around eight percent in opening deals Friday, with share prices of banks and housebuilders collapsing by about a third after Britain voted to leave the EU.

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In a historic development, the UK has voted to leave the European Union after 43 years as the 'Brexit' camp today took a seemingly unassailable lead over the 'Remain' camp in a down-to-wire referendum with far reaching implications for the world.

Bankers` early confidence that Britain would remain within the European Union quickly evaporated after vote counts suggested the "leave" camp had the upper hand, sending sterling plummeting and heart-rates racing on trading floors from London to Hong Kong.

World oil prices plunged more than 6.0 percent in Asia Friday after early results of a historic vote showed Britain increasingly moving towards bolting out of the European Union.

Britain`s 2.2 million financial industry workers face years of uncertainty and the risk of thousands of job cuts after vote counts indicated the country had chosen to quit the European Union, leaving question marks over London`s status as Europe`s premier financial centre.

Britain`s economy was plunged into a dizzying unknown on Friday as the country lurched towards the EU exit, with the world economy bracing for a hit on growth and unemployment.

British markets plunged on Friday, with sterling on track for its biggest ever one-day fall and UK stock futures pointing to a steep fall at the market open, after EU vote counts indicated Britons could be on course to leave the European Union.

On equity markets Tokyo was down 6.7 percent, Hong Kong tumbled 3.6 percent, Sydney shed more than three percent and Seoul was 1.5 percent off. Shanghai and Singapore each sank 1.4 percent, while Taipei, Wellington, Manila and Jakarta all saw sharp losses.