Investor wealth takes Rs 1.43 lakh-cr knock as stocks plummet

New Delhi: Investor wealth on Tuesday plunged by Rs 1.43 lakh crore amid sell-off in the stock market where the BSE benchmark index slumped nearly 260 points.

The 30-share index, which lost nearly 52 points in the previous session, resumed higher at 32,341.05 and advanced to 32,354.77 in early trade.

But selling pressure emerged as participants digested the Sebi order clamping down on shell companies, which dragged the gauge below the 32,000-mark briefly to a low of 31,915.20. The index finally settled at 32,014.19, a loss of 259.48 points, or 0.80 percent.

PTI

PTI

Following weakness in stocks, the market capitalisation of BSE-listed companies fell by Rs 1,43,634.86 crore to Rs 1,31,84,912 crore.

The benchmark indices fell as Sebi cracked down on 331 suspected shell companies listed on exchanges.

Investors were spooked after the markets watchdog last night directed bourses to initiate action against the suspected shell companies. These scrips will not be available for trading this month.

"Sebi order has taken industry and investors by surprise. This has led to erosion of serious wealth and if some of the companies are found to be not shell companies, this order shall still be a death knell on their perception and valuation," said Rajesh Narain Gupta, Managing Partner, SNG and Partners.

Dr Reddy's was the worst performer in the 30-share pack, losing 4.91 percent. Other laggards included SBI, ITC, ICICI Bank and NTPC.

Among the sectoral indices, realty was the hardest hit, down 4.53 percent, followed by oil and gas (2.16 percent).

On the BSE, 2,020 stocks declined and 566 advanced while 121 remained unchanged.


Updated Date: Aug 08, 2017 19:44 PM

Also Watch

Social Media Star: Abhishek Bachchan, Varun Grover reveal how they handle selfies, trolls and broccoli
  • Monday, July 16, 2018 It's a Wrap: Soorma star Diljit Dosanjh and Hockey legend Sandeep Singh in conversation with Parul Sharma
  • Monday, July 16, 2018 Watch: Dalit man in Uttar Pradesh defies decades of prejudice by taking out baraat in Thakur-dominated Nizampur village
  • Monday, July 16, 2018 India's water crisis: After govt apathy, Odisha farmer carves out 3-km canal from hills to tackle scarcity in village
  • Sunday, July 15, 2018 Maurizio Sarri, named as new Chelsea manager, is owner Roman Abramovich's latest gamble in quest for 'perfect football'

Also See