Sensex continues its free fall; telecom stocks plummet

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Bombay Stock Exchange’s (BSE) Sensex on Wednesday afternoon crashed by 3.63 % or 1111 points and rested at 29,469 points. Telecom companies bore the brunt of this loss.

Investors have been jittery due to the prevailing sentiments over the Coronavirus and due to the Supreme Court refusing to grant any sort of relief to the telecom companies.

ALSO READ: COVID-19: Sensex up by 435 points; Yes Bank gains 30% amid volatile trade

The Apex Court refused to grant any relief to the telecom companies over issues related to Adjusted Gross Revenue( AGR). Vodafone’s stocks fell by over 31%, Tata Teleservices by 4% and Bharti Airtel by 2%.

The Banking Sector suffered too with major banks experiencing a loss. Indusind Bank’s stocks fell by over 30%, Axis Bank traded by less than 15%.

The crisis hit Yes Bank started with a loss but is recovering at a steady rate as moratorium imposed on it by the Reserve Bank of India is expected to be lifted.

IT majors like TCS and Infosys gained in the stock market.

Apart from BSE, NIFTY too fell by over 334 points.

COVID-19 has impacted stock markets around the world including the DOW Jones index in the past few days.

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