Nifty 50 Crash of 2008 — How Far Indian Indices Fell in the GFC (Month-End Data)
Data as of 2025-06-30 · Window: 2008 Global Financial Crisis · Source: NSE index month-end closing values (Nifty Bank / IT / Midcap 100 / Smallcap 100 series retrieved via the EODHD historical data API)
Answer
During the 2008 Global Financial Crisis, the Nifty 50 fell -55.1% on a month-end basis, from its Dec 2007 peak to its Nov 2008 trough, and took 59 months from the trough to regain the prior peak. Smaller-cap indices fell substantially more than the Nifty 50 in the same episode. Figures use month-end closes; intra-month daily drawdowns were deeper. Past performance does not predict future results.
NSE index drawdowns — 2008 Global Financial Crisis (month-end basis)
| Index | Peak | Trough | Depth | Recovery (from trough) |
|---|---|---|---|---|
| Nifty 50 | Dec 2007 | Nov 2008 | -55.1% | 59 months |
| Nifty Next 50 | Dec 2007 | Nov 2008 | -68.8% | 22 months |
| Nifty Midcap 50 | Dec 2007 | Feb 2009 | -70.9% | 71 months |
| Nifty Smallcap 50 | Dec 2007 | Feb 2009 | -76.4% | 92 months |
| Nifty Bank | Dec 2007 | Feb 2009 | -60.5% | 14 months |
| Nifty IT | Jan 2007 | Feb 2009 | -62.2% | 10 months |
| Nifty Midcap 100 | Dec 2007 | Feb 2009 | -65.5% | 20 months |
| Nifty Smallcap 100 | Dec 2007 | Feb 2009 | -75.0% | 88 months |
| Nifty Low Volatility 50 | Dec 2007 | Nov 2008 | -47.9% | 12 months |
Source & methodology
- Source: NSE index month-end closing values (Nifty Bank / IT / Midcap 100 / Smallcap 100 series retrieved via the EODHD historical data API). Data window: 2008 Global Financial Crisis. As of: 2025-06-30.
- Source: NSE index month-end closing values (Nifty Bank / IT / Midcap 100 / Smallcap 100 series retrieved via the EODHD historical data API) (price return — closing values exclude dividends; total-return variants of these indices compounded higher).
- CAGR computed between month-end closes: (end / start)^(1/years) − 1.
- Calendar-year returns computed December-close to December-close.
- Drawdowns computed on month-end closes (month-end basis). Intra-month daily drawdowns were deeper than month-end figures.
- All statements are historical observations, not forecasts or recommendations.
Frequently asked questions
How much did the Nifty 50 fall in the 2008 crash?
During the 2008 Global Financial Crisis, the Nifty 50 fell -55.1% on a month-end basis, from its Dec 2007 peak to its Nov 2008 trough, and took 59 months from the trough to regain the prior peak. Smaller-cap indices fell substantially more than the Nifty 50 in the same episode. Figures use month-end closes; intra-month daily drawdowns were deeper. Past performance does not predict future results.
Which NSE index fell the most in the 2008 Global Financial Crisis?
On a month-end basis in this dataset: Nifty Smallcap 50 -76.4%; Nifty Smallcap 100 -75.0%; Nifty Midcap 50 -70.9%; Nifty Next 50 -68.8%; Nifty Midcap 100 -65.5%; Nifty IT -62.2%; Nifty Bank -60.5%; Nifty 50 -55.1%; Nifty Low Volatility 50 -47.9%. Smaller-cap indices generally fell more than the Nifty 50. Past performance does not predict future results.
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BacktestIndia is an educational research platform, not a SEBI-registered investment adviser or research analyst. Everything on this page is a historical computation from recorded market data, presented for education. It is not investment advice, a recommendation, or an offer to buy or sell any security. Past performance does not predict future results. Backtested results have inherent limitations and do not represent actual trading. Consult a SEBI-registered investment adviser before making investment decisions.