Market mayhem wipes off over Rs 8 lakh crore investor wealth

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

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

carn on Dalal Street eroded investor wealth worth Rs 8,56,689.62 crore, taking total m-cap to Rs 1,28,56,869.10 crore on BSE at 1030 hours. m-cap of BSE-listed companies stood at Rs 1,37,13,558.72 crore at 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.

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On BSE, 1,789 scrips declined, while 152 advanced and 57 remained unchanged.

equity selloff intensified after World Health Organization (WHO), late Wednesday night, termed new coronavirus outbreak as a pandemic, and expressed deep concern over "alarming levels of inaction".

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

Brent crude oil futures plunged over 5 per cent to USD 34 per barrel, after travel ban.

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