Iran: Herd Behavior Behind Stock Market Rout

The sudden heavy losses in the Tehran Stock Exchange in recent days has bewildered analysts and market players alike who had initially dismissed the phenomenon as a natural correction that would run its course. 
The market however, posted its fourth straight decline–and one of its biggest in recent history– on Sunday, with the benchmark TEDPIX index ending the day 4.16% lower, taking the market below the 180,000 level it had boasted days ago. 
Head of the Securities and Exchange Organization, Shapour Mohammad offered his take on the reasons behind the market's rout, saying that crowd behavior, manifested in the irrational thinking of some investors carries the blame.