The finance minister of India yesterday announced India's financial budget for this year. In his speech , he mentioned that Bitcoin or any sort of Crypto is not legal tender in India. That literally just means you cannot purchase or sell goods with crypto.
Indians misinterpreted this due to news channels spreading false rumours.
While the truth was :
This lead to panic selling in the Indian market resulting in global decline. Although it was not the only news, but Tether and Bitfinex news too had a major role.
I would recommend Indians to avoid panic selling and avoid a chance for government to call it a Ponzi scheme.