Market crash wipes out Rs 1.57 lakh cr of investor wealth

NEW DELHI: Investor wealth on Friday slumped by Rs 1.57 lakh crore, following heavy selling in the broader market where the BSE benchmark index tanked about 410 points to close at a five-month low.
The 30-share Sensex dived 409.73 points or 1.24 per cent to close at 32,596.54.
Led by the sell-off, the total market capitalisation of BSE -listed companies diminished by Rs 1,57,268.54 crore to Rs 1,39,30,643 crore.
From the 30-share basket, 24 stocks ended with losses led by YES Bank, Axis Bank, SBI and ICICI Bank falling up to 4 per cent.
Sector-wise, realty fell 3.31 per cent, metal 2.89 per cent and bankex 2.08 per cent, among others.
Banking stocks took a hit after a Rs 1,394 crore bank loan fraud case came to light.
“The fears of a global trade war played a major role in today’s fall across global markets. Locally, markets have been facing headwinds since the start of February, be it the imposition of long term capital gains or the much talked about banking fraud. This being a politically busy year in India, volatility can stay high for an extended period,” said Devang Mehta, Head – Equity Advisory, Centrum Wealth Management.

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