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Shares of mid-cap companies were under pressure with the National Stock Exchange (NSE) CNX Mid-cap index recording its sharpest single-day fall in past five years on Tuesday.
CNX Midcap index on Tuesday tumbled 4.34%, or 497 points, to close at 10,952, its biggest single day decline in percentage terms since July 7, 2009, when it tanked 4.8%. The index had outperformed the market, surged 30% in past two months compared to 17% rise in benchmark CNX Nifty till Monday.
Unitech, Adani Enterprises, IFCI, ABB, Syndicate Bank, JSW Energy, Voltas, GMR Infrastructure, Jain Irrigation Systems, CESC, Union Bank of India and Gujarat State Petronet from the CNX Mid-cap index slipped more than 8% each.
Reliance Infrastructure, Reliance Capital, Apollo Tyres, Godrej Industries, UPL, Tata Chemicals, Crompton Greaves, Bank of India, Hindustan Zinc and Oriental Bank of Commerce dipped between 6-8%.
Meanwhile, the Bombay Stock Exchange (BSE) S&P BSE Small-cap index (down 4.2%) and S&P BSE Mid-cap index (down 3.6%) posted their largest single day fall in past three-and-half years. On February 9, 2011, the small-cap index tanked 4.3%, while mid-cap index by 3.6% in single day.
Benchmark share indices slumped on Tuesday, recording their largest drop in percentage terms since January 27, 2014, as investors turned cautious and booked profits ahead of the Budget session on Thursday.
The 30-share Sensex was down 518 points to end the day at 25,582 and the Nifty slumped 164 points to close at 7,623. Investor’s wealth has seen value erosion of over Rs 3 lakh crore in single day.
Measured in terms of total market capitalisation of all listed companies, investor wealth in Indian stocks declined to Rs 89,57,228 crore – registering a loss of Rs 311,817 crore from Monday’s level.
