Nearly Rs 5 lakh crore investor wealth wiped off in early trade as markets plunge
New Delhi: Investor wealth plummeted by nearly Rs 5 lakh crore in early trade on Monday as equity markets crashed tracking global equity selloff amid rising uncertainty over the economic impact of coronavirus outbreak.
Market capitalisation (m-cap) of BSE-listed companies saw a massive decline after the 30-share index plunged 1515.01 points, or 4.03 per cent, to 36,061.61. The NSE Nifty too cracked 417.05 points, or 3.80 per cent, to 10,572.40.
The carnage in the equity market wiped out investor wealth worth Rs 4,79,820.87 crore, taking the total m-cap to Rs 1,39,39,640.96 crore on the BSE.
The m-cap of BSE-listed companies stood at Rs 1,44,31,224.41 crore at the end of trading on Friday.
Traders believe mounting fear of recession in major economies due to the coronavirus outbreak has sent equities into a downward spiral.
The overall confirmed cases on the mainland reached 80,735 by the end of Sunday which included 3,119 people who have died so far, 19,016 patients undergoing treatment and 58,600 patients discharged after recovery, China's National Health Commission, (NHC) said.
All Sensex components were trading in the red, led by losses in ONGC, Reliance, IndusInd Bank, Tata Steel, L&T, ICICI Bank and Infosys.
Traders said investor sentiments also remained fragile amid incessant foreign fund outflows.
On a net basis, foreign institutional investors sold equities worth Rs 3,594.84 crore on Friday, data available with stock exchanges showed.
According to Moody's Global Macro Outlook 2020-21, coronavirus will hurt economic growth in many countries through first half of 2020.
The global spread of the coronavirus is resulting in simultaneous supply and demand shocks, it said.
"We expect these shocks to materially slow economic activity, particularly in the first half of this year. We have therefore revised our 2020 baseline growth forecasts for all G-20 economies," the report added.
On the BSE, 1,745 scrips declined, while 222 advanced and 101 remained unchanged.
Meanwhile, oil prices were in a free fall, plunging nearly 30 per cent to USD 32.11 per barrel 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.
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Man booked for duping 7 persons of Rs 91 lakh on promise of awarding govt works
Mumbai (PTI): The Mumbai police have registered a case against a man for allegedly duping seven persons of Rs 91 lakhs on the promise of awarding them works of different government departments, an official said on Tuesday.
The accused was identified as Satish Kadam, a resident of Nanded in Marathwada region, an official said.
A complaint was filed by Hanumant Vadje, who alleged that the accused cheated him and six others of around Rs 91 lakh by promising to give them various works of Urban Development and Social Justice Department, he said.
The fraud occurred between 2024 and 2026, with Kadam collecting money in cash and into his accounts, police said, adding he had returned some amount to them partially.
Multiple cheques issued by the accused bounced, prompting the victim to lodge a complaint at the Marine Drive police station. Based on the complaint, a case of cheating and criminal breach of trust was registered against him.
The case is under further investigation, the official said.
