Slideshow |Here are 5 events that shook the markets in 2018

Controversial events such as PNB scam, Urjit Patel’s resignation as well as IL&FS liquidity issue were some of the events that shook the markets in 2018. Equity benchmarks have had a tough year, rising in single digits so far against 29-30 percent gains posted in 2017. In the broader markets, the correction has been far steeper. Here is a list of five events that shook D-Street. Image: Reuters

PNB Scam | In February, the Street was hit by the news of a big scam surrounding Punjab National Bank amounting to more than USD 2 billion. The scam was said to be carried out at the bank’s Brady House branch in Mumbai. The branch issued letters of undertaking (LoUs) to help companies owned by Nirav Modi and Mehul Choksi get forex credit from Indian banks abroad.

RBI Governor's resignation | Reserve Bank of India Governor Urjit Patel in a surprise announcement on December 10 said he has resigned from immediate effect on account of personal reasons. The resignation came in the wake of a bitter battle between the government and the central bank over issues such as liquidity management, the RBI's restrictions on NPA-laden banks and the usage of its reserves. Image: Reuters

IL&FS issue | 2018 saw a huge liquidity scare surrounding Infrastructure Leasing and Financial Services (IL&FS). The lender piled up huge amount of debt as well as defaults on its short-term commercial papers (CPs). This rocked debt market and had a resultant impact on equity market as well due to fear of liquidity crisis in the NBFC sector.

US-North Korea war/peace | This year saw a possibility of war between US and North Korea at its peak, spooking markets around the world. Hostile statements were exchanged between Washington and Pyongang amid continued military exercises by South Korea and US. However, things took a positive turn in June when Donald Trump and Kim Jong Un decided to hold a summit. Image: Reuters

US-China relations | Apart from its war threat against North Korea, the US also had a trade war with China. Import tariffs to the tune of hundreds of billions of dollars were imposed by both the nations. Most recently, China and the United States agreed to halt additional tariffs, with fresh talks aimed at reaching an agreement within 90 days. However, this deal is under a cloud now. Investors are worried about the ongoing trade truce as well as economic growth in the 2 countries.