Dalal Street loses Rs 1.7 tn; loss on subprime woes hits Rs3.3 tn

Dalal Street loses Rs 1.7 tn; loss on subprime woes hits Rs3.3 tn
PTI
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First Published: Thu, Aug 16 2007. 06 13 PM IST
Updated: Thu, Aug 16 2007. 06 13 PM IST
Mumbai: Stock market investors on 16 August saw a whopping Rs1,70,000 crore being wiped off their portfolios, taking the total loss since the US subprime crisis first hit domestic bourses late last month to nearly Rs3,30,000 crore.
The Bombay Stock Exchange’s 30-share benchmark index Sensex on 16 August plunged by 642.70 points, its second biggest one-day fall in absolute value terms. The crash saw the cumulative market capitalisation of all the listed companies dropping to around Rs42,77,000 crore, as against Rs 44,44,000 crore after the market close on 14 August .
The total invested wealth in the stock market has seen a sharp erosion since 27 July, when the crisis in the US subprime credit segment first reached the Indian market. Since then, the total market capitalisation on the Indian bourses has gone down by close to 3,30,000 crore from more than Rs 46,00,000 crore on 26 July.
The combined market value of the 30 blue chip firms on the benchmark BSE Sensex has fallen close to Rs2,25,000 crore since 27 July, including about Rs90,000 crore Thursday itself.
Among the Sensex blue chips, the country’s most valued firm Reliance Industries lost Rs 12,910 crore today, while the second-biggest firm in terms of market cap, ONGC saw an erosion of Rs7,518 crore. Both RIL and ONGC have lost close to Rs 28,000 crore each since 27 July.
However, the biggest market cap loss in absolute value terms has been registered by state-run power equipments major BHEL, which has seen an erosion of more than Rs 37,000 crore since 27 July.
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First Published: Thu, Aug 16 2007. 06 13 PM IST