Investors lose over $300 bn in six days
Investors on Dalal Street have lost over 300 billion dollar (Rs 11,85,285 crore) in the last six days with more than half of the loss coming from Monday's fall of the benchmark index Sensex--its biggest ever.business Updated: Jan 21, 2008 18:27 IST
Investors on Dalal Street have lost over 300 billion dollar (Rs 11,85,285 crore) in the last six days with more than half of the loss coming from Monday's fall of the benchmark index Sensex--its biggest ever.
The 30-share index Sensex today witnessed a fall of 1,400 points, tumbling below the 18,000-point to close at 17,605.35. The huge drop in the index was led by blue chip heavyweights - Reliance Energy, ACC, Bajaj Auto, DLF and Reliance Industries.
The Sensex has lost 3,222.1 points in last six trading sessions, while investors' wealth -- measured in terms of cumulative market capitalisation of all the listed companies -- has declined by Rs 11,85,285.46 crore.
The total market capitalisation stood at Rs 59,53,525.87 crore at the end of Monday's trading against Rs 71,38,810 crore before bourses began business last week on January 14.
While, the investors have lost a whopping Rs 6,63,975 crore in just one trading session from market cap of Rs 66,17,501.33 crore on Friday last week. The investors had lost over 5,21,310 crore in the five trading sessions last week.
According to market analysts, the major fall has been mainly due to the slowdown concerns in the US economy among other factors.
"The major factors behind today's market meltdown are US recession and margin call, besides panic selling has also crept in...All the major Asian markets are crackling like anything," Asika Stock Brokers' Paras Bodhra said.