Market mayhem: Investor wealth plunges Rs 1.92 lakh crore

At BSE, 1,799 scrips declined and 714 advanced, while 184 remained unchanged.

Illustration: Uttam Ghosh/Rediff.com

Investor wealth eroded by Rs 1.92 lakh crore on Monday in tandem with a weak broader market sentiment where the BSE benchmark plunged nearly 500 points.

The 30-share BSE index settled 495.10 points, or 1.26 per cent, lower at 38,645.18.

Following the sharp fall in stocks, the market capitalisation of BSE-listed companies dropped by Rs 192,530.74 crore to Rs 1,51,60,885.97 crore.

Investor sentiment took a beating amid reports that the US will end sanctions waiver on Iranian oil imports.

Reacting to reports, global benchmark Brent crude climbed to a multi-month high of $73.81 per barrel.

“Indian markets had a rough day on the back of sharp rise in crude oil price above $74 per barrel.

“As a significant importer of crude oil, the high oil price is not good for Indian macros,” said Jagannadham Thunuguntla, sr VP and head of research (wealth), Centrum Broking.

From the Sensex pack, 23 scrips ended with losses led by Yes Bank, Indusind Bank, RIL, ICICI Bank, HDFC and Axis Bank falling up to 6.62 per cent.

At BSE, 1,799 scrips declined and 714 advanced, while 184 remained unchanged.

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