As Markets Fall Over Coronavirus Fears, Here Are the Top 10 Losers
Markets wiped off investor wealth worth around 7 lakh crore, following global market plunge due to COVID-19 fears.
Market benchmark Sensex plummeted over 1,941 points on Monday, 9 March, wiping off investor wealth worth around Rs 7 lakh crore, following global market meltdown triggered by rapidly-spreading coronavirus and free fall in oil prices.
The almost 5-year low was caused by an all-out price war between Saudi Arabia and Russia. The breakdown of talks, aimed at cutting output after coronavirus hurt demand and is likely to have major political and economic consequences.
After sinking over 2,467 points during the day, the 30-share index settled 1,941.67 points or 5.17 percent lower at 35,634.95.
The NSE Nifty 50 index too fell 4.97 percent to close at 10,443. This was also the worst fall for the index since 24 August 2015. The 50-stock benchmark ended at its lowest level since 1 November 2018. Only four out of the 50 Nifty stocks ended with gains.
Top Losers: ONGC and Reliance Industries
ONGC was the top loser in the Sensex pack, cracking over 16 percent, followed by Reliance Industries, IndusInd Bank, Tata Steel, TCS, SBI, ICICI Bank and Bajaj Auto.
Reliance, among the top losers, contributed 65 points to Nifty’s downside. Shares of the company are down for the fourth day in a row today, with prices having declined for 11 out of the last 12 trading sessions.
SBI Plunges, Induslnd Loses Straight Second Day
Induslnd Bank fell over 10 percent, closing at 906.20, the lowest in three years.
Shares of the private lender opened lower by as much as 7.37 percent at Rs 940. This was the second straight day of losses for the bank. Shares have now fallen close to 12 percent in the last two sessions.
TCS and Tech Mahindra
Shares of Tata Consultancy Services also fell by 6.88 percent, closing low at 1,972 from opening at 2,080. Shares of SBI plunged over 6 percent after it said it will pick up a 49 percent stake in Yes Bank for Rs 2,450 crore. Yes Bank, on the other hand, rallied over 31 percent.
Tech Mahindra, on the other hand, had its day high only at opening bell, plunging over 5 percent to 703.75.
Tata Steel, Bajaj Auto and Power Gride
Bajaj Auto shares fell 157.10 points to 2,577.50.
The Power Grid Corporation of India Limited, which transmits about 50% of the total power generated in India on its network, also took a 5 percent hit, closing at 181.
According to traders, domestic stocks faced massive selloff as the global market rout continued to intensify amid concerns over the adverse impact of rapid spread of coronavirus on the world economy.
Trading exchanges in Shanghai, Hong Kong, Seoul and Tokyo sank up to 5 percent.
European benchmarks also plunged up to 6 percent in their morning sessions.
Volatility was also fuelled by the sharp plunge in crude oil prices after top exporter Saudi Arabia launched a price war in response to a failure by leading producers to strike a deal to support energy markets.
After tanking up to 30 percent earlier in the day, Brent crude oil futures recovered marginally and were 18.33 percent down at USD 36.97 per barrel.
On the currency front, the Indian rupee depreciated 13 paise to 74 per US dollar (intra-day).
(With inputs from PTI.)
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