In fifty two trading sessions, Rs 19,16,929 crore of shareholder wealth was wiped out in the stocks listed on the Bombay Stock Exchange (BSE). The total BSE M-Cap declined to Rs 53,42,313 crore on March 13, 2008 from Rs 72,59,242 crore on January 1, 2008. A significant decline in market capitalisation (M-Cap) on March 13, was seen in fertilisers (-43.4%), construction (-43.1%), gems & jewellery (-41.3% ), electronics (-41.1%), trading (-39.2%), retailing (-37.5%), steel (-37.3%) and NBFC (-36.7%) stocks.
The Sensex declined by 4,943.36 points (24.35%) to 15,357.35 on March 13, 2008 from 20,300.71 on January 1, 2008. The Nifty also declined by 1,520.75 points (24.75%) to 4,623.60 from 6,144.35 during the same period.
The market capitalisation of BSE ?A? group (198) also dropped by 30.36% (Rs 18,18,635 crore) in 52 sessions, from Rs 59,90,741 crore to Rs 41,72,106 crore on March 13, 2008.
M-Cap of construction stocks registered a sharp decline. Jaiprakash Associates lost a whopping Rs 23,942 crore from its M-Cap, a decline of 48.51% to Rs 25,415 crore over its January 1 level of Rs 49,358 crore. Hindustan Construction registered a decline of 45.58 % to Rs 3,386 crore in its M-Cap on March 13.
Besides construction stocks, some other companies like Videocon Inds , Ispat Industries, MTNL, Reliance Energy, Jai Corp, Bhushan Steel, Uco Bank, DLF, BoB and Indian Oil also showed bearishness.
Videocon Inds declined by 63.41% to Rs 6,813 crore and Ispat Inds declined by 60.66% to Rs 3,923 crore.
Conversely, some of the biggest increases in M-Cap were observed in the case of Ranbaxy Lab (8.15%), Hero Honda Motors (5.61%), GlaxoSmithkline Pharma (3.14%), Sun Pharma (2.30%), Hindustan Unilever (1.99 %) and Asian Paints (0.2%). The M-Cap of Ranbaxy Lab increased from Rs 15,779 crore to Rs 17,065 crore on March 13, 2008.