Fourth largest single-day fall in m-cap

Rs 1,32,800 crore lost since the first exit poll on April 23

The Congress' landslide win in Andhra Pradesh led to a massive Rs 54,000 crore decline in the market capitalisation today. This has been the fourth largest single-day fall in the market cap, with largest ever fall being recorded on January 21, 2004 at Rs 64,000 crore.

The 30 scrip Bombay Stock Exchange Sensex stocks lost Rs 23,286 crore today while the PSU stocks witnessed m-cap erosion of Rs 21,700 crore.

There has been panic selling across the board ever since the exit poll clearly pointed towards an uncertain political future for the NDA. The market cap worth Rs 1,32,800 crore has been lost since the first exit poll on April 23, 2004.

The fall in the market cap has been more steep after third exit poll on May 5, 2004. In the last three trading days since May 5, market cap has fallen Rs 91,272 crore.

The political uncertainty after the election results on May 13, 2004 has its toll on the Indian Depository Receipt (IDR) The market capitalisation of the Instanex Skindia DR Index companies has fallen 14.58 per cent to 6,01.03 crore. Instanex Skindia DR Index has fallen 14.54 per cent to 919.91.

The declined in the market cap has been more steep in the PSU stocks. Forty-one PSU stocks, including the nationalised banks lost m-cap worth Rs 21,672 crore today and Rs 50,000 crore since April 23.

The oil PSUs have been hammered across the board with m-cap loss of Rs 11,410 crore (Rs 23,391 crore since April 23) while nationalised banks lost Rs 4,240 crore (Rs 8,976 crore).

The biggest single day loser in market cap were Indian Oil Corporation (Rs 5,910 crore), Reliance Industries (Rs 4,105 crore), ONGC (Rs 2,595 crore), ITC (Rs 1,628 crore), HPCL (Rs 1,381 crore), Bharti Tele-Ventures (Rs 1,362 crore), Gail (Rs 1,289 crore), BPCL (Rs 1,126 crore) and ICICI Bank (Rs 1,058 crore).

Among the sectoral losers, Refinery firms lost ma-cap of Rs 11,595 crore, followed by banks (Rs 7,167 crore), diversified (Rs 4,803 crore), pharmaceutical (Rs 2,859 crore), telecom (Rs 2,384 crore) and IT (Rs 2,323 crore).