Markets crash wipes out Rs 6.80 lakh cr from investors' wealth
New Delhi, Oct 25: Investors' wealth eroded by a whopping Rs 6.80 lakh crore on Friday as equity markets tumbled, driven by a sharp fall in IndusInd Bank shares and unabated foreign fund outflows.
The BSE Sensex tanked 662.87 points or 0.83 per cent to settle at 79,402.29. During the day, it slumped 927.18 points or 1.15 per cent to 79,137.98.
Tracking the weak trend in equities, the market capitalisation of BSE-listed firms tumbled Rs 6,80,383.26 crore to Rs 4,36,98,921.66 crore (USD 5.20 trillion).
"The Indian equity market is experiencing a sharp correction due to multiple factors. The primary driver is foreign institutional selling, driven by valuation concerns and the increased attractiveness of the Chinese market.
"Another major factor is disappointing earnings reports from Indian companies, especially in the consumption sector, which signal an economic slowdown, particularly in urban consumption," Santosh Meena, Head of Research at Swastika Investmart, said.
From the 30 Sensex pack, IndusInd Bank plunged 18.56 per cent after the firm reported a 40 per cent decline in September quarter net profit at Rs 1,331 crore, pulled down by concerns over its asset quality.
Mahindra & Mahindra, Larsen & Toubro, NTPC, Adani Ports, Tata Steel, Maruti, Bajaj Finance and Titan were also among the laggards.
From the blue-chip pack, ITC climbed over 2 per cent after the diversified entity reported a 1.8 per cent increase in its consolidated net profit to Rs 5,054.43 crore in the second quarter ended September 2024.
Axis Bank, Hindustan Unilever, Sun Pharma and ICICI Bank were the other big gainers.
"Markets continued its downward trajectory as broader selloff pulled down key benchmarks with Sensex ending below the crucial 80k mark. The dismal Q2 earnings so far has aggravated the investors’ woes while persistent FII selling continued to create havoc in the market," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,062.45 crore on Thursday, according to exchange data, while Domestic Institutional Investors (DIIs) bought Rs 3,620.47 crore shares.
In Asian markets, Seoul, Shanghai and Hong Kong settled higher, while Tokyo ended lower.
European equity markets were trading in the positive territory. The US markets ended mostly higher on Thursday.
In an uninspiring trade, the BSE benchmark dipped 16.82 points or 0.02 per cent to settle at 80,065.16 on Thursday. The Nifty skidded 36.10 points or 0.15 per cent to 24,399.40 in a volatile trade.
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UP: Man blackmails friend using his wedding night video, booked
Shahjahanpur (UP), Oct 25: Uttar Pradesh police have booked a man for allegedly blackmailing his friend using a video of his wedding night, an officer said on Friday.
The accused was identified as Shivam Mishra, police said.
According to police, on Mishra's suggestion, the victim, who got married in February last year, recorded a video of his wedding night.
"Shivam later obtained the video by deceit. He blackmailed the victim and demanded money," Additional Superintendent of Police (City) Sanjay Kumar said.
"On multiple occasions, Shivam extorted money from his friend by threatening to release the video on social media if payments were not made," Kumar said.
Following a complaint, police registered a case against Shivam Mishra under sections 323 (assault), 504 (intentional insult), and 506 (criminal intimidation) of the erstwhile Indian Penal Code, Kumar said.
"Additional charges may be applied based on the victim's statement and other evidence as the investigation progresses," the officer added.
