Indian investors lose $102 bn in 3 days
Of the total loss of over Rs 4,06,000 cr, the 30 biggest blue chip firms, belonging to the Sensex, suffered nearly half the amount.business Updated: Oct 19, 2007 20:24 IST
The investors' loss from concerns over possible curbs to control foreign capital into India on Friday rose past 100 billion dollars (over Rs four trillion) as the market continued its freefall for third day in a row.
The total investor wealth, measured in terms of the value of all the listed shares, dropped to Rs 54,65,000 crore at the end of Friday's trading, from over Rs 58,71,000 crore on October 16 before the market regulator SEBI proposed measures to curb capital flow through offshore derivative instruments such as participatory notes.
P-Notes are instruments issued by foreign institutional investors (FIIs) to the investors, such as hedge funds, who wish to remain unanimous and seek easier entry or exit opportunities. The FIIs then invest the capital deployed by the PN-holders in their own name.
Of the total loss of over Rs 4,06,000 crore (about 102 billion dollars) in the past three days, the 30 biggest blue chip companies, belonging to the Sensex, suffered nearly half the amount of Rs 1,96,800 crore (about 50 billion dollars).
The Sensex has plunged by close to 1,500 points since October 16.
Besides, the country's five richest persons -- Mukesh Ambani, Anil Ambani, KP Singh, Sunil Mittal and Azim Premji -- have together lost over Rs 64,000 crore from the value of their shareholdings owned in capacity as promoters of their group companies, despite Premji actually seeing a surge of over Rs 1,600 crore in his net worth.
First Published: Oct 19, 2007 19:09 IST