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The National Stock Exchange of India said 59 erroneous orders prompted a plunge in equities that briefly erased about US$58-billion in value, underscoring growing global concern about the integrity of financial markets.

Trading in the S&P CNX Nifty Index and some individual companies stopped at 9:49 a.m. in Mumbai for 15 minutes after the 50-stock gauge tumbled as much as 16%. The volume of stocks in the benchmark index that were traded today almost doubled from the 100-day average, according to data compiled by Bloomberg. An index of Indian stocks traded in New York slipped as much as 1%.

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India has joined the big league with this trading disaster

Regulators around the world are probing market structures and electronic trading after a series of malfunctions. In May 2010, high-frequency orders worsened the so-called flash crash, which briefly wiped $862 billion from U.S. stocks. The Nasdaq Stock Market in May this year was overwhelmed by order cancellations and trade confirmations were delayed on the first day of trading in Facebook Inc., the largest initial public offering of 2012.