Investors lose over Rs 6.71 trn as markets crash over inflation worries

Investors fretted over stagflation risks and Federal Reserve's more hawkish stance to rein in inflation by opting for more rate hikes

Equity investors became poorer by over Rs 6.71 trillion on Thursday as domestic benchmark indices tumbled amid a global market meltdown.

The 30-share BSE benchmark Sensex tanked 1,416.30 points or 2.61 per cent to settle at 52,792.23, tracking weak global markets and persistent foreign fund outflows.

In line with the weak market trend, the market capitalisation of BSE-listed firms tumbled by Rs 6,71,051.73 crore to stand at Rs 2,49,06,394.08 crore.

"The rout in other Asian indices and European gauges triggered a massive sell-off in local equities as both Sensex and Nifty ended below their crucial psychological levels of 53k and 16k, respectively. 

Investors fretted