We study two fast crashes using orders/cancellations/trades data with trader identities for a stock trading in the spot and single stock futures markets on the National Stock Exchange of India during April-June/2006 when there was no algorithmic trading. Spot (futures) prices fell by 6.1% (4.6%) and 11.1% (12.3%) within 15 minutes during crashes. Buying by capital constrained short-term-traders who were the primary intraday liquidity providers was not sufficient to halt price decline. Domestic mutual funds, slow to move in, bought sufficient quantities leading to price recovery. Crashes and recoveries began in the spot market though volume was higher in futures.
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