The new year does not seem to be causing much cheer for investors as over Rs 6.33 lakh crore wealth has been wiped off since its onset. The market cap of the Bombay Stock Exchange (BSE), which touched a level of Rs 72,59,242 crore on January 1, 2008 is now down by Rs 6,33,593 crore to Rs 66,25,649 crore on January 18 ,2008. And half of this wealth erosion was witnessed on Friday when the investors saw the BSE Sensex fall by 687.12 points to touch 19,013.70 .
Large scale FII selling was witnessed in A-group shares across various industries including IT, aluminium and products , tea, jems & jewellery, electric equipment and even media sectors. D R Dogra, ED,Care Ratings said, ? This slide has been happening despite good quarterly results by biggies like RIL and Reliance Energy”
The aggregate market capitalisation of the Bombay Stock Exchange (BSE) A-group shares decreased by Rs 4,15,154 crore (-8.09%) on January 18, 2008, which came down from Rs 51,32,650 crore as on January 1, 2008 to Rs 47,17,497 crore as on January 18,2008.
The companies that saw a substantial market capitalisation erosion since January 1 include, companies like Lanco Infratech (Rs 4,852 crore), Container Corp.(Rs 2,433 crore), GMR Infrastructure ( Rs 8,356 crore), HCL Technologies (Rs 3,800 crore), SAIL (Rs 19,434 crore), BPCL (Rs 3,096 crore) and Infosys Techno (Rs 16,326 crore).
