The bloodbath on Dalal street intensified as Indian bourses exhibited bearish sentiments after the World Health Organisation (WHO) declared coronavirus a global pandemic and the United States suspended travel from Europe. Investors lost about Rs 11 Lakh crores.
At the closing bell, the BSE S & P Sensex was down by 2,919 points (8.18%) to 32,778 while the Nifty 50 slumped by 868 points (8.3%) at 9,590.
Reports said the Indian market posted its biggest intra-day fall in absolute terms and concerns over COVID-19 wiped out over Rs 11 lakh crore of investors’ wealth in a single day.
The number of cases in over 114 countries around the world has risen to more than 1.2 lakhs with over 4,200 deaths.
India suspended all visas till April 15 to prevent the spread of coronavirus as fresh cases were reported, taking the total number of patients in the country to 73.
All sectoral indices at the National Stock Exchange were in the red with Nifty PSU bank down by 12.52%, realty by 8.95%, metal by 8.65% and auto by 7.99%.
Aviation stocks also saw a downfall with SpiceJet crashing by 19.97% to Rs 48.30. IndiGo said its quarterly earnings will be materially impacted due to declining daily booking, eroding its parent company InterGlobe Aviation’s scrip by 11.43% to Rs 1,023.40 apiece.
Bharat Petroleum Corporation plunged by 15.2% to Rs 342.85 per share while ONGC and GAIL declined by 12.1% each. Yes Bank and State Bank of India fell by 13% each while Axis Bank dipped by 12.7%.
The other prominent losers were Hindalco, Vedanta, UPL, FMCG major ITC and Bajaj Finserv.
Meanwhile, global shares crumbled after US President Donald Trump put out ban on travel to the United States from Europe except for the United Kingdom.
Oil prices were also hit due to a price war between Saudi Arabia and Russia on top of fears of a sharp slowdown in the global economy.
This comes in the background of even the IMF lowering its global growth forecast for the coming financial year.
(With ANI Inputs)