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The BSE Sensex and the Nifty crashed on Monday, falling over 3.5 per cent in opening trade. The rupee also came under sharp selloff, down 1 per cent to hit a fresh two-year low of 66.49 per dollar.

 Here’s your 10-point cheat-sheet to the story

 1) The Sensex plunged as much as 1,000 points, while the 50-share slipped below the crucial 8,000 levels for the first time in two months. All 50 shares in the Nifty traded in the red, while on the broader BSE 500 index, just one stock traded higher.

 2) The trigger for Monday’s carnage is the rout in Chinese equities. Shanghai shares dived over 8 per cent to a five-month low, having lost more than 10 per cent so far this month.

 3) The selloff in China markets weighted on risk assets across the globe. Asian stocks dived to 3-year lows on Monday. Copper, seen as a barometer of global demand, tumbled to 6-1/2-year lows as the anxiety over China sapped investor confidence.

 4) The widespread unrest in global financial markets was set in motion nearly two weeks ago when China sharply devalued the yuan and stoked concerns about the state of its economy. There are fears that China could be forced to devalue the yuan even more should its economy falter.

 5) Last week, Reserve Bank of India governor Raghuram Rajan said China’s devaluation of the yuan was not a concern, but did not rule out a currency was if the move was part of a long-term competitive devaluation.

 6) The devaluation in the yuan has impacted most emerging market currencies and stoked fears about a currency war. South Africa’s rand struggled at 14-year lows, the Turkish lira languished near a record low, while the Malaysian ringgit hit a 17-year low. South Korean authorities were suspected of selling dollars to arrest the won’s fall.

 7) The Indian rupee has been better off as compared to its emerging market counterparts, but it has lost over 4 per cent in the last two weeks.

 8) The depreciation in the rupee hits foreign investors and diminishes their returns. Analysts say foreign funds have started selling shares aggressively because of the rupee fall.

 9) Foreign investors have started selling domestic shares aggressively. On Thursday, they sold cash shares worth Rs 1,000 crore, while on Friday they sold shares worth Rs 2,340 crore, which is the biggest selling since April 2015.

 10)  Domestic markets are also likely to face liquidity issues because of the 10 per cent stake sale in state-run refiner Indian Oil Corp. The floor price for the share sale is Rs 387, a two percent discount from Friday’s close. At the floor price, the 10 per cent stake sale in the company will bring in Rs 9,396 crore for the government.