Investor wealth worth Rs 6.25 trillion wiped off as markets slide again

The drop in investor wealth was led by extremely weak market sentiment

Investor wealth worth Rs 6.25 trillion was wiped off in early morning trade on Monday as markets witnessed yet another sell-off, with the BSE benchmark plunging 2,182.41 points as Covid-19 scare continued to hit sentiment.

The market capitalisation of BSE-listed companies dropped by Rs 6,25,501.8 crore to Rs 1,23,00,741.02 crore in the opening trade.

The drop in investor wealth was led by extremely weak market sentiment, where the BSE Sensex witnessed another plunge after staging a strong comeback on Friday.

The entire BSE 30-share pack was trading in the red, led by IndusInd Bank, ICICI Bank, HDFC and Axis Bank, tumbling up to 9.3 per cent.

Market heavyweight Reliance Industries was also trading over 3 per cent lower, which was also instrumental in dragging the benchmark lower.

All the sectoral indices were trading with sharp losses.

The equity markets suffered extreme panic selling last week, where the key BSE barometer plunged 3,473.14 points in total.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel