Shares of Singapore Exchange Ltd posted the biggest intraday plunge since November 2008 on worries of revenue loss after BSE, NSE, MSEI terminated licensing of Indian indices and market data listed on any of the three exchanges. After this move, the global\u00a0tracker of NSE Nifty - SGX Nifty Futures - will not be available for offshore market participants. Further, this\u00a0shift by Indian bourses will likely to impact the revenue of Singapore Exchange as the flagship Indian equity derivatives product accounts for about 12% of its total derivatives trading volume, Reuters said in a report. Following the development, the stock of Singapore Exchange Ltd recorded the biggest intraday percentage drop since November 2008 and dived about 8.75% to a 52-week low of SGD 7.2. On the other hand, shares of India\u2019s prominent exchange BSE saw a marginal rise on Monday. The stock of BSE Ltd rose as much as 1.96% to a day\u2019s high of 841 on NSE. \u201cIt is observed that for various reasons the volumes in derivative trading based on Indian securities including indices have reached large proportions in some of the foreign jurisdictions, resulting in migration of liquidity from India, which is not in the best interest of Indian markets,\u201d a joint statement by NSE, BSE and MSEI.\u00a0\u201cThe existing licensing agreements for licensing indices\/prices of Indian securities for trading derivatives on foreign exchanges and\/or trading platforms shall be terminated with immediate effect, subject to the notice period mentioned in the respective licensing agreements,\u201d the statement added. On the backdrop of this, Singapore exchange has said that it would take all measure to maintain orderly trading and clearing of SGX India equity derivatives for our international clients and develop viable solutions. Context to the development: Earlier on Friday last week, BSE, NSE and MSEI stated that \u201cexchanges or their subsidiaries\/group entities or any other entity having licensing arrangement with exchanges shall not license\/provide Indian indices and\/or the data including the price of Indian securities to any foreign exchange and\/ or trading platforms for trading or settling derivatives in any form in a foreign jurisdiction." \u201cThe other arrangements if any shall be grandfathered for a period of one month and the exchanges, market participants, index providers, data vendors, their subsidiary, group companies or any other relevant party shall ensure that arrangements are terminated or modified to comply with the contents of this press release. End of day & final settlement prices of securities shall be displayed on the exchange website and forwarded to media organizations, 2 hours after close of the market,\u201d the joint statement said further.