Freaky Friday: Share markets continue to crash further, investors lose Rs 23 lakh crore in two days

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March 13, 2020 10:20 AM

S&P BSE Sensex fell 3,090 points or 9.43 per cent lower at 29,687 points, while the broader NSE Nifty 50 crashed 966 points to sit at 8,624 points, as the massacre on Dalal Street continued.

As markets capitulated to Coronavirus investors have seen their wealth erode by as much as Rs 23 lakh crore in the past two trading sessions with Rs 12 lakh crore evaporating on Friday morning alone.

As markets capitulated to Coronavirus investors have seen their wealth erode by as much as Rs 23 lakh crore in the past two trading sessions with Rs 12 lakh crore evaporating on Friday morning alone. The market capitalisation of BSE-listed firms stood at Rs 125 lakh crore on Thursday at the end of the day’s trading session, the same had plummeted to Rs 113 lakh crore on Friday morning whilst trading was halted on equity markets after Nifty tnaked 10 per cent during opening trade. S&P BSE Sensex fell 3,090 points or 9.43 per cent lower at 29,687 points, while the broader NSE Nifty 50 crashed 966 points to sit at 8,624 points, as the massacre on Dalal Street continued.

None of the 30 constituents of S&P BSE Sensex were trading in the red on Friday morning, with HCL Technologies being the biggest loser down by 15.6 per cent. It was followed by Tech Mahindra and Kotak Bank both down by 15 per cent. On the NSE Nifty 50, Kotak Bank was the worst hit, down by 50 per cent. Equity markets across the globe were mirroring each other’s fall even on Friday. Japan’s Nikkei dropped 10 per cent as it recorded its worst week since 2008. MSCI’s index for Asia-Pacifc excluding Japan is down 12 per cent this week alone. S&P 500 witnessed a trading halt on Thursday after it tanked to hit the lower circuit. 

Growing cases of Coronavirus across the globe has peaked the fear among investors. S&P BSE Sensex ended over 2,900 points lower on Thursday to record its worst ever fall as the World Health Organisation (WHO) declared Coronavirus as a pandemic. Travel bans by countries pushed crude oil prices further down, as countries looked to quarantine themselves from travellers who have visited countries like Italy, Iran and China — the worst hit by Coronavirus.

Oil prices fell on Friday for a third day, with Brent crude set for its biggest weekly drop since 1991 as demand plunged with China, the biggest oil importer in the world in the grip on Coronavirus and other countries preparing for a lock-down.

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