Rs. 5-lakh-cr investor wealth wiped out as global sell off spooks markets.
Nearly Rs. 5.5-lakh-crore in market-cap in investor wealth was wiped out on the BSE on Friday as the fear of the coronavirus spreading and causing wide-spread supply chain disruptions spooked the market and the Sensex crashed 1,448.37 points, or 3.64 per cent, to 38,297.29, its second-worst fall since August 2015. The NSE Nifty index fell 414.10 points, or 3.56 per cent, to 11,219.20. The BSE market-cap was down to Rs. 146.87-lakh crore.
The markets were taking the cue from global bourses, also ravaged by a sell-off on fears of the coronavirus turning into a pandemic. This week alone, $5-trillion in value was wiped out from world stocks amid the fastest market collapse in history. In India, brokerages estimate that investor wealth of around Rs. 12-lakh-crore worth may have been wiped off over the week as Sensex and Nifty have crashed 10 per cent from their peaks.
