|

Stock Market Carnage Erodes Billions In Investor Wealth In 6 Days

Led by a continuous sell-off, the market capitalisation of BSE-listed companies went down by Rs 9,90,476.93 crore to Rs 1,45,22,830 in the last six days.

NEW DELHI – The stock market bloodbath has wiped out nearly 10 lakh crore from investor wealth in six days with the rout continuing amid sell-off in world markets. Rs 2.7 lakh crore of wealth was wiped out in today’s session itself, amid sell-off in world stocks.

The BSE benchmark Sensex slumped 1,274.35 points to hit the day’s low at 33,482.81 on Tuesday. Post the Union Budget on February 1, the 30-share index has plummeted by 2,164.11 points.

Led by a continuous sell-off, the market capitalisation of BSE-listed companies went down by 9,90,476.93 crore to Rs 1,45,22,830 in six days.

The Sensex slumped 309.59 points, or 0.88%, to end at 34,757.16 on Monday. The index had crashed 839.91 points, or 2.34%, on Friday.

“The crash in the mother market — the Dow plunging by 2,200 points in two days has unnerved equity markets globally. The sell-off in the US has led to a global sell-off. Indian market is in tune with global markets in this downturn,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services.

Extending its falling streak for the sixth straight session, the 30-share index plunged by 1,274.35 points.

Investor sentiment has remained sluggish after the government announced in the Budget a proposal to levy 10% long-term capital gains (LTCG) tax on equities and projected a fiscal deficit of 3.5 per cent of GDP for 2017-18.

It was a sea of red as all the 30-share Sensex components were trading with losses led by Tata Motors.

Over 200 stocks hit their 52-week lows on BSE Tuesday.

During the morning trade, 2,353 stocks declined, while 223 advanced and 95 remained unchanged.

Comments are closed