Black Monday sends bourses' fiscal score into red
India Inc has lost all the gains of the current fiscal in its market value with a depreciation of close to Rs 2 trillion amid a fall of over 500 points in the benchmark Sensex.business Updated: Jun 09, 2008 19:10 IST
India Inc has lost all the gains of the current fiscal in its market value with a depreciation of close to Rs 2 trillion (about 50 billion dollars) on Monday amid a fall of over 500 points in the benchmark Sensex in less than six hours of the day's trading.
The benchmark Sensex on Monday plunged 506.08 points to close at 15,066.10 points, its lowest in current fiscal and in close to past one year. The index last traded at these levels in July 2007.
Following today's plunge, the cumulative market capitalisation of all the listed companies in the country has fallen below the Rs 50-trillion mark to Rs 49,60,000 crore, marking a loss of close to Rs 2,00,000 crore from the level before the market opened this morning.
Out of this, nearly half the loss amounting to about Rs 1 trillion was contributed by the country's 30 biggest blue-chips, which constitute the benchark Sensex.
The total market cap of 30 Sensex companies on Monday fell to close to 20,86,000 crore from Rs 21,60,000 crore at the end of last trading session on Friday last week.
The total value of all the listed shares, also known as investors' wealth, has plummeted by close to Rs 20 trillion (about 500 billion dollars) from its highest level early this year. The Sensex has also shed close to 6,200 points from its life-time high of 21,206.77 points scaled on January 10.
At 2007-end, the total market value of all the listed companies stood at Rs 71,70,000 crore -- which represented a gain of close to Rs 35,00,000 crore during the year.
However following the recent downslide on the bourses, more than half of the total gains registered during 2007 has been already wiped off and several market observers expect the bearish phase to further continue.