Market turmoil wipes off over $100bn from investors’ wealth

Market turmoil wipes off over $100bn from investors’ wealth
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First Published: Sun, Feb 10 2008. 01 28 PM IST
Updated: Sun, Feb 10 2008. 01 28 PM IST
PTI
Mumbai: Barely 40 days into the new year and India Inc has seen its market value eroded by more than Rs4,00,000 crore amid turbulent stock market conditions.
Interestingly, the country’s 30 blue-chip companies, which constitute the market’s benchmark Sensex, account for nearly the entire loss.
According to the latest data available with the Bombay Stock Exchange, the total market capitalization of all the companies listed there currently stands at Rs57,53,230 crore.
This represents a loss of Rs4,16,755 crore from the level it stood at as of December 31, 2007 -- the last trading day of the previous year, when it stood at Rs71,69,985 crore.
In the US currency, the loss amounts to about $110 billion, bringing the total market cap to close to $1.7 trillion.
While the market traded on a relatively stronger note during the first few days of the year, the latter half of January saw the stocks plummeting, tracking the weak worldwide cues.
The Sensex rose by close to 1,000 points in the first 10 days to reach a life-time high of 21,206.77 points on January 10, but battering on an almost daily basis since then has pushed it to below the 18,000-level.
As against a closing of 20,286.99 points on December 31, the Sensex settled at 17,464.89 points on February 9.
The total market capitalisation of 30 Sensex companies currently stands at Rs24,45,249 crore, according to BSE data, down from Rs28,61,341 crore as of December 31.
This represents a loss of Rs4,16,092 crore for the Sensex companies so far in 2008 -- representing about 99.8% of the across-market loss.
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First Published: Sun, Feb 10 2008. 01 28 PM IST