 "Investors' wealth erodes by Rs 1.24 trillion as stock markets plunge")
Investor wealth eroded by Rs 1.24 lakh crore Monday amid huge selling pressure in the equity market where the Sensex plunged 363 points.
Tracking weak global sentiment amid fresh trouble for the world economy after the US vowed to further raise tariffs on Chinese goods, the BSE key index closed at 38,600.34, plunging 362.92 points or 0.93 per cent.
Led by the sell-off in the broader market, the market capitalisation of BSE-listed companies dropped Rs 1,24,380.06 crore to Rs 1,50,37,633.14 crore.
"Global indices bled today as the US-China trade war condition further intensified. The worsening situation has put the entire world in a state of flux where even a tiny escalation can cause big damage," said Umesh Mehta, head of research, Samco Securities Ltd.
From the 30-share pack, 25 scrips witnessed sell-off led by Yes Bank, Tata Motors, Bajaj Finance, Tata Steel and HDFC.
On the BSE, 1,634 scrips declined, while 831 advanced and 200 remained unchanged.
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Sectorally, BSE consumer durables, metals, realty, capital goods and auto indices fell up to 2.82 per cent.
In the broader market, the BSE mid-cap and small-cap indices also ended lower by up to 0.85 per cent.
Chinese bourses sank led by Shanghai Composite Index that plunged 5.58 per cent. Benchmark indices of Japan, Hong Kong and South Korea also witnessed sharp declines.