Investors lose Rs 7.35 trn as markets plummet over new variant concerns

Other than the new variant, FIIs' selling is a key concern for the Indian equity market because they are selling relentlessly in our market for the last many days, says an analyst

Investors' wealth tumbled by over Rs 7.35 lakh crore on Friday, with the BSE benchmark Sensex plummeting 1,688 points amid a global selloff triggered by a new coronavirus variant.

The 30-share index tumbled 1,687.94 points or 2.87 per cent to close at 57,107.15. During the day, it tanked 1,801.2 points or 3.06 per cent.

Tracking the weak trend, the market capitalisation of BSE-listed companies slumped by Rs 7,35,781.63 crore to reach Rs 2,58,31,172.25 crore.

"It was expected that today we could have a dull day amid a holiday in the US market but surprisingly we wake up with negative cues of a new