Investor wealth drops by Rs 1.84 lakh crore on heavy sell-offs in equities

Dragged by massive sell-offs, the market capitalisation of BSE-listed firms tumbled by Rs 1,84,483.79 crore to Rs 1,46,88,763.39 crore.

New Delhi: Investors saw their wealth plunge by Rs 1.84 lakh crore on Wednesday following heavy losses in the equity market where the benchmark Sensex plummeted 504 points.

The 30-share BSE gauge ended 503.62 points, or 1.29 per cent, lower at 38,593.52. During the day, the index dived as much as 586.17 points.

Dragged by massive sell-offs, the market capitalisation of BSE-listed firms tumbled by Rs 1,84,483.79 crore to Rs 1,46,88,763.39 crore.

Indian equities followed the negative global sentiment triggered by top US Democrat and the speaker of the House of Representatives Nancy Pelosi's announcement of opening a formal impeachment inquiry into President Donald Trump.

S Ranganathan, Head of Research, LKP Securities, said, "Political uncertainty in the US amidst impeachment talks pulled indices lower."

On the Sensex chart, 24 scrips closed the day lower led by SBI, Tata Motors, Maruti, Yes Bank, M&M, HDFC, ITC and Vedanta plunging up to 7.37 per cent.

On the BSE, 1,755 scrips declined, 762 advanced and 128 remained unchanged.

In the broader market, the BSE mid cap and small cap indices cracked up to 1.76 per cent.

Vinod Nair, Head of Research, Geojit Financial Services Ltd, said, "Political uproar in the US to impeach president Trump led to sell-off in global market, seems a short-term reaction. While fresh NPA issues, weak September auto sales and monthly expiry prompted investors to book profit post the sharp upside since last Friday."