Equity investors poorer by ₹7.15 lakh crore in morning trade as markets slump
The Hindu
Equity markets tumble, eroding investors' wealth by ₹7.15 lakh crore as IndusInd Bank shares plummet and foreign funds exit.
Investors' wealth eroded by a whopping ₹7.15 lakh crore during the morning trade on Friday as equity markets tumbled, driven by sharp fall in IndusInd Bank shares and unabated foreign fund outflows.
The BSE Sensex tanked 708.69 points to 79,356.47 and the NSE Nifty plunged 286.35 points to 24,113.05.
Tracking the weak trend in equities, the market capitalisation of BSE-listed firms tumbled ₹7,15,739.19 crore to ₹4,36,63,565.73 crore (USD 5.19 trillion) during the morning trade.
From the 30 Sensex pack, IndusInd Bank plunged over 19 per cent after the firm reported a 40 per cent decline in September quarter net profit at ₹1,331 crore, pulled down majorly by concerns about asset quality.
Mahindra & Mahindra, NTPC, Larsen & Toubro, Adani Ports, Titan, Tata Steel and JSW Steel were also among the laggards.
From the blue-chip pack, ITC jumped over 3 per cent after the diversified entity reported an 1.8 per cent increase in its consolidated net profit to ₹5,054.43 crore in the second quarter ended September 2024. ITC's revenue from operations jumped 15.62 per cent to ₹22,281.89 crore during the July-September period.
Asian Paints, Sun Pharma, Nestle and Hindustan Unilever were the other big gainers.
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