New Delhi, Oct. 10 : The Congress party on Friday expressed concern over the downturn in the stock market.

Congress spokesperson Shakeel Ahmed said that the party is worried over the drop in share market prices by 801 points and is pinning its hopes on strong fundamentals of the economy to overcome the crisis.

"The fundamentals of the Indian economy are strong. The banking sector is regulated. The Finance Minister has already said that it is being addressed," said Congress spokesman Shakeel Ahmed.

Asked about the political fallout of the crisis on the UPA government and its role in alleged "mismanagement" of economy which has led to such a situation, Ahmed shot back, "There is no UPA rule in United States and United Kingdom. This situation is there also."

AICC general secretary Digvijay Singh said, "We are concerned about the downturn of the economy in the world".

He told reporters that the Indian economy was more sound with a huge agricultural and manufacturing base and regulations in place for the banking sector. (ANI)