Coronavirus scare cripples markets as indices post biggest single-day drop

Sensex tumbles 2,919 points, biggest-ever in absolute terms. Over Rs 11 trillion worth of investor wealth wiped out. Global stock rout deepens amid growth concerns

The carnage in the stock markets, triggered by the spread of coronavirus, intensified after the World Health Organization (WHO) officially declared the outbreak of COVID-19 a pandemic. The domestic benchmark indices slumped over 8 per cent — the most since October 2008 — as investors fretted over the virus’s economic toll. The extreme risk-aversion wiped out Rs 11.4 trillion worth of investor wealth and sent many stocks and key indices to their multi-year lows. 

The Nifty plunged 868 points, or 8.3 per cent, to 9,590, the lowest close since June 2017, while the Sensex dropped 2,919 points, or 8.2 per