Indian Prime Minister Narendra Modi Monday reviewed the situation of the stock market after falls in both stocks and exchange rates, said officials.

Finance Minister Arun Jaitley told local media that the prime minister took stock of equity and currency markets, and was of the opinion that "our economy is stable", according to Press Trust of India.

The review of the economy at the highest level came against the backdrop of the benchmark Sensex plunging by 1,624.51 points to 25, 741.56 Monday, its lowest level since August 2014, causing millions of US dollars of losses to stock investors, said the report.

The rupee also fell to the 23-month low at 66.64 against the U. S. dollar.

"PM is of the opinion that in order to further strengthen our economy, we should take more steps," Jaitley said, adding there will be no change in the strategy and the initiative to attract investors would continue," the report quoted Jaitley as saying.