The plunge of the Russian Trading System (RTS) index on the Moscow Stock Exchange on February 24th was the largest single-day drop in history, according to Longview Economics data. On the day Russia's invasion of Ukraine began, the RTS index plummeted 38.3%.
This surpasses the fall of the MERVAL index on the Buenos Aires Stock Exchange, Argentina, on August 12, 2019. The MERVAL index plunged 37.9% in a single day, immediately following presidential election results showing the defeat of then-Argentine President Mauricio Macri.
Other major stock market crashes were dominated by the events of 1987, related to Black Monday, where the US Dow Jones index fell 22.6% in a single day.
The fallout spread globally. In the same year, the Kuala Lumpur Composite Index (KLCI) experienced its largest single-day drop of 34.9%.
As of Tuesday (March 1st), the invasion of Ukraine continues despite a first round of ceasefire negotiations. Both countries plan to hold a second round of talks today.