Investors Lose Over Rs 45 Lakh Crore As Sensex Crashes Over 3,000 Points Today
The Indian stock market witnessed a major crash with Bombay Stock Exchange (BSE) Sensex plummeting by 3,900 points Tuesday. This caused the investors to loose over Rs 45 lakh crore. The sharp drop in the Sensex came after the market rallied yesterday and rose over 3,000 points taking the Sensex above 76,000 mark and the Nifty gained over 800 points bringing it above 23,000 mark.
The benchmark stock market indices had recovered significantly after falling sharply in early trade. It is now trading 3,372.15 points lower at 73,096.63. On the other hand, the Nifty50 was trading 1,053.50 points lower at 22,210.40.
After this, the BSE benchmark dived 4,131.44 points or 5.40 per cent to 72,337.34, and the Nifty slumped 1,263.3 points or 5.43 per cent to 22,000.60.
Shares of Adani Enterprises and Adani Ports crashed, dropping by 15% and 20%, respectively. This marks their worst single-day decline since February 2023.
The other major laggard were State Bank of India, Power Grid, NTPC, Larsen & Toubro, Axis Bank, Tata Steel and Reliance Industries.
Other companies within the Adani Group also saw notable decreases in their stock prices. Adani Green, Adani Energy Solutions, and Adani Power also dropped between 16% to 19%.
However, the market indices soared to record-high levels on Monday after the exit polls predicted the return of the Modi government for the third straight term. Sensex rose 2,778 points, nearly 4 per cent, to hit its all-time high of 76,738.89 and Nifty 50 surged 808 points, nearly 4 per cent, to hit its fresh record high of 23,338.70.
