A sharp sell-off in the stock market wiped out over Rs 1 lakh crore from total investor wealth today as the benchmark BSE Sensex lost 541 points.
Fag-end massive selling pulled down the Sensex by 541.14 points or 2.07 per cent to 25,651.84.
The market capitalisation (m-cap) of BSE-listed companies fell by Rs 1.36 lakh crore to Rs 93.33 lakh crore.
“Indices slipped in deep red in line with European peers, China worries, profit-booking and unwinding of positions ahead of September derivative contracts expiry,” said Gaurav Jain Director, Hem Securities.
The Asian Development Bank (ADB) today lowered growth projections for India for the current fiscal to 7.4 per cent, from the 7.8 per cent earlier, citing weak monsoon, poor external demand and inability of the government to push economic reforms in Parliament.
Among BSE sectoral indices, metal fell by 4.24 per cent followed by capital goods (3.10 per cent), power (3.09 per cent), bankex (3.04 per cent) and realty (2.54 per cent).