Investors lost Rs2,70,000 cr after stock market continued its downward journey for the 2nd day with a total loss of over 1,000 points in Sensex
Investors lost over Rs2,70,000 crores after the stock market continued its downward journey for the second straight day with a total loss of over 1,000 points in the benchmark Sensex, while the country's 30 largest blue chip firms accounted for nearly half the loss.
The total wealth, measured in terms of market capitalisation of all the listed companies, today dropped to Rs56,01,150 crores, as against Rs 58,71,400 crores before the freefall began on the bourses on Wednesday..
While the loss stood at about Rs1,01,000 crores on Wednesday, about Rs1,70,000 crores was further eroded from the investors' kitty in Thursday's plunge when the Sensex recorded its second biggest single-day gain of 717 points.
Earlier on Wednesday, the Sensex had dropped by over 300 points, although it recovered a significant part of its intra-day loss of over 1,700 points.
The 30-Sensex companies together have lost close to Rs1,40,000 crores in past two days, including a loss of about Rs90,000 crores in today's fall.
The ten most valued companies together lost close to Rs84,000 crores of market value today, led by the country's most valued firm RIL's loss of over Rs32,000 crores.
Thursday's plunge also saw the market cap of Bharti Airtel, the country's most valued telecom firm, plunging below Rs two trillion mark. It's market value dropped to Rs 1,93,452 crores from over Rs2,09,500 crores on Wednesday.
State-owned MMTC and National Mineral Development Corp were the only two companies in the top ten list in terms of market capitalisation that gained market value of close to Rs6,000 crores each on Thursday.
ONGC lost about Rs 7,800 crores, Bharti Airtel lost over Rs 16,000 crores, NTPC shed over Rs 10,000 crores, DLF about Rs9,000 crores, while Reliance Communications and BHEL saw a drop of about Rs5,000 crores each.
Among Sensex companies, TCS, Wipro, Cipla, Satyam Computers, Dr Reddy's, Hindustan Unilever and Ranbaxy were only seven companies that gained today.
ACC, Reliance Energy, SBI, Bharti, ICICI Bank, NTPC, Hindalco, HDFC Bank, BHEL, L&T, RIL, Tata Steel and Reliance Comm were the major losers.
Besides, ONGC, Grasim, Tata Motors, Ambuja Cements, M&M, Maruti and Bajaj Auto also lost value.
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