Investors poorer by over Rs 4.65 trillion as markets go into tailspin

IndusInd Bank was the biggest laggard among the 30 frontline companies, slumping 4.89%, followed by Kotak Bank, HUL, Titan, Bajaj Finserv and HDFC

Investors' wealth on Friday tumbled by over Rs 4.65 lakh crore as markets suffered a heavy selloff following weak global trends and continued selling by foreign institutional investors.

The 30-share BSE benchmark Sensex plunged 889.40 points or 1.54 per cent to close at 57,011.74. During the day, it tumbled 950.16 points to 56,950.98.

The market capitalisation of BSE-listed companies declined by Rs 4,65,570.82 crore to Rs 2,59,37,277.66 crore amid weak sentiments.

"Indian market witnessed a sharp cut on the back of weak global cues, FIIs' selling and concerns about Omicron," said Parth Nyati, founder, Tradingo.

IndusInd Bank was the biggest