Stock Market Mayhem Wipes Off Over Rs 8 Lakh Crore Investor Wealth

Equity markets crashed amid global equity selloff after WHO termed the coronavirus outbreak a pandemic.

1 min read
Investor wealth worth over Rs 8 lakh crore was wiped off in early trade.

Investor wealth worth over Rs 8 lakh crore was wiped off in early trade on Thursday, 12 March, as equity markets crashed amid global equity selloff after World Health Organisation termed the coronavirus outbreak a pandemic.

Amid intensifying rout in global financial markets, the 30-share BSE index plummeted 1,864.02 points or 5.22 percent to 33,833.38.

The carnage on Dalal Street eroded investor wealth worth Rs 8,56,689.62 crore, taking the total m-cap to Rs 1,28,56,869.10 crore on the BSE at 1030 hours.

The m-cap of BSE-listed companies stood at Rs 1,37,13,558.72 crore at the end of trading on Wednesday. Traders said besides global rout, incessant foreign fund outflows also weighed on investor sentiments.

On a net basis, foreign institutional investors sold equities worth Rs 3,515.38 crore on Wednesday, data available with stock exchanges showed. On the BSE, 1,789 scrips declined, while 152 advanced and 57 remained unchanged.

WHO Proclaims Coronavirus Outbreak as 'Pandemic'

The equity selloff intensified after the WHO, late Wednesday night, termed the new coronavirus outbreak as a pandemic, and expressed deep concern over the "alarming levels of inaction".

Following the announcement, US President Donald Trump suspended all travel from Europe, excluding the UK, to the US for the next 30 days to stop the spread of the virus, stoking fear of a global economic slowdown.

Brent crude oil futures plunged over 5 percent to $34 per barrel, after the travel ban.

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