«Investors often want to dump shares
during a stock market crash because they want to cut their losses and because they fear even greater declines,» said Kelly Shue, a professor of finance at the Yale School of Management.
So although panic selling can disrupt the order book, especially
during periods of illiquidity, with the current structure «the
stock market» being based off of three composite indexes, can never
crash,
because there will always exist a company that is not exposed to broad
market fluctuations and will be performing better by fundamentals and share price.