Investor wealth eroded by Rs 2.69 trillion Thursday hit hard by massive sell-off in the equity market where the BSE benchmark index plummeted over 1,000 points in intra-day trade.
Following the weak show by equities, the market capitalisation (m-cap) of BSE-listed companies witnessed an erosion of Rs 2.69 trillion to Rs 1.5 trillion.
“Indian stock markets have fallen sharply on Thursday. This is a continuation of the sharp fall we have witnessed in the stock prices over the last couple of weeks (except for one or two days).
“While most of the earlier fall could be attributed largely to domestic factors – be it the IL&FS effect and fears of contagion thereon, or the ever increasing fuel prices due to the combined effect of weakening rupee and etc the reason for Thursday’s fall is clearly global, with the US markets falling sharply,” said Dheeraj Singh, Head of Investments- Taurus Asset Management Co.
From the BSE 30-share blue chip pack, 27 scrips ended with losses led by SBI and Tata Steel.
At the BSE, 1,765 scrips declined, while 819 advanced and 147 remained unchanged. Nearly 370 scrips hit their 52-week lows on BSE.
The broader market also took a beating with mid-cap and small-cap indices falling up to 2.34 per cent.