I highly doubt the government will intervene here and impose downside market limits like they did in Pakistan last week. Even if you are a country pretending to be a capitalist, that kind of government intervention is over the top.
Look for another interest rate hike in India in the coming weeks. Chinese central bank head, Zhou, made comments overnight that he certainly is not ruling out further rate hikes either.
Global Cost of Capital is going higher. Global Access to Capital is tightening. This is another reason why everything "Ch-India" is crashing.
(chart courtesy of stockcharts.com)