"It is the first time in (about) eight years that Sensex has fallen so sharply leading to a loss of as much as Rs.7 lakh crore (in terms of marketcap)," he said.

The Sensex on Monday lost as much as 1,624.51 points, or 5.94 percent -- the steepest in terms of points, surpassing the previous highest closing loss of 1,408.35 points on January 21, 2008.

Referring to the fall in the value of the rupee, he said it was on "ventilator" and "emergency procedures were required" to revive its value.

The Indian rupee on Monday fell to its lowest in two years at 66.74 to a dollar. He said Finance Minister Arun Jaitley blamed external factors for the fall in Sensex.

"This is an old habit of the government. They either blame external factors or the opposition for economic woes. They think GST (goods and services tax) is a dose for the economy," Kumar said.

He also targeted the government over the rising price of onions. "Criminals have found a new way -- of stealing onions. Earlier, we used to hear of gold and jewellery being stolen. Now we are reading of onions being stolen," Kumar said.

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