Definition of panics:
(n) :
(uncountable) Overwhelming fear or fright, often affecting groups of people or animals; (countable) an instance of this; a fright, a scare.
(adj) :
Of fear, fright, etc: overwhelming or sudden.
(adj) :
Pertaining to or resulting from overwhelming fear or fright.
(v) :
(transitive) To cause (someone) to feel panic (“overwhelming fear or fright”); also, to frighten (someone) into acting hastily.
(v) :
(intransitive) To feel panic, or overwhelming fear or fright; to freak out, to lose one's head.
(n) :
(countable, economics, finance) A rapid reduction in asset prices due to broad efforts to raise cash in anticipation of such prices continuing to decline.