South Korea's KOSPI crashes nearly 8% on chip selloff

South Korea's KOSPI crashed 7.89% or 655.32 points to close at 7,648.09, driven by a sharp selloff in chip stocks. Samsung Electronics fell 9.06% while SK Hynix plunged 14.57%. Foreign investors were net sellers to the tune of 4,370.6 billion won, and the Korean won weakened 0.3% against the dollar. The steep decline in tech-heavy Asian markets signals risk-off sentiment that could weigh on Indian IT and tech stocks.