Investors' wealth tumbles by over Rs 5.24 trn in two-day market sell-off

Investors' wealth has eroded by Rs 5.24 trillion in last two days as markets saw a hectic sell-off on Wednesday as well.

The BSE Sensex plunged 656.04 points or 1.08 per cent to settle at 60,098.82. The 30-share index had tanked 554.05 points or 0.90 per cent on Tuesday.

The market capitalisation of BSE-listed companies tumbled by Rs 5,24,647.66 crore to Rs 2,74,77,790.05 crore in two days.

The market capitalisation of BSE-listed firms had reached a lifetime high of Rs 2,80,02,437.71 crore on Monday.

"Markets traded under pressure and lost a per cent, in continuation to the previous session's fall. The benchmark opened flat amid weak global cues however bears regained control as the day progressed and pushed the index gradually lower," according to Ajit Mishra, VP - Research, Religare Broking Ltd.

On Wednesday, Infosys was biggest drag among the 30-stocks frontline companies pack, declining by 2.77 per cent followed by Asian Paint, HUL, Nestle, Bajaj Finance, Wipro and Kotak Bank.

In the broader market, the BSE midcap index declined by 0.34 per cent while smallcap settled flat.