The thing is others may pound it more. There are many bots and algos that don’t care about any facts or fundamentals and just look at price action, which mind you, weren’t as prevalent in the previous decade. Then there would be panicking human orders as well. You’re right in saying it won’t work without any news whatsoever and other people may buy back. But if there’s news(like current scenario) and they can easily use the news to create panic. And yes, they also need support from Global markets too in the same direction.
It apparently only took 650Cr back in 2012 to drop nifty by 15%.
Nifty returns were 5x from there. So maybe 10x that 6500Cr on heavy weights? Back then I believe there was intraday leverage and therefore more liquidity in cash markets. Even 100x that at 65kCr seems well doable for a 15% crash… SEBI destroying intraday leverage seems at least partly to contribute to the ability of the likes of Jane to move cash markets relatively easily.
Just saying it’s not impossible!