Investor wealth crashes by Rs 1 lakh crore

Following the sharp fall in stocks, investors lost over Rs 1 lakh crore wealth today following a weak broader market where the BSE benchmark index tumbled more than 505 points to slip below the 38,000 mark.

The market capitalisation (m-cap) of BSE-listed companies dropped by Rs 1,14,676.15 crore to Rs 1,55,22,343 crore. The 30-share key index plunged 505.13 points or 1.33% to end at 37,585.51. It is felt that escalating trade war tensions between the US and China, as well as the rupee worries have dented the market sentiment.

The rupee depreciated 81 paise to 72.65 against the dollar in early trade at the forex market, despite the government’s steps to stem a steep fall in the currency, amid reports that the US could announce a new round of tariffs on Chinese imports later in the day.

From the 30-share basket, 25 stocks ended with losses led by Sun Pharma, HDFC, Tata Motors and Reliance Industries Limited. At the BSE, 1,441 stocks declined, while 1,282 advanced and 191 remained unchanged. Also, more than 140 stocks hit their 52-week low levels Monday on BSE.

 

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