People will pay for this government's follies: Chidambaram

New Delhi : Targeting the Narendra Modi government, senior Congress leader P. Chidambaram on Friday said that people will have to pay a "heavy price" for the government's "follies".

"The kindest thing that can be said about the government's handling of the current volatile situation is: 'They are clueless'," Chidambaram tweeted as key Indian equity indices crashed by over two per cent during the day.

"People will pay a heavy price for the follies of the BJP-led NDA government. It is time for some BJP MPs and allies to speak their mind," the Congress leader added.

Lately, a weak rupee and high crude oil prices have plunged the Sensex by over 2,000 points in only three previous trading sessions, while the Nifty50 has shed over 650 points.

Belying market expectations of a hike, the Reserve Bank of India on Friday held its key lending rate unchanged but turned hawkish, moving to a "calibrated tightening" from the "neutral" stance it had maintained.