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India stock market witnesses massive plunge
August 24, 2015, 5:52 am

File photo of stock brokers at the Bombay Stock Exchange [Xinhua]

File photo of stock brokers at the Bombay Stock Exchange [Xinhua]

With updates:

India’s stock markets plunged the lowest in four years on Monday amid a  a sell-off in other Asian markets.

The BSE Sensex on Monday crashed over 1,700 points or 6.22 per cent in the pre-close trade. The overall investors’ wealth, measured in terms of total valuation of all listed stocks, also plunged nearly by 7 lakh crore rupees (over $125 billion).

The loss suffered by the 10 biggest companies in terms of market capitalisation was itself close to 2 lakh crore rupees.

This was the biggest intra-day crash this year for the stock market benchmark Sensex.

The Indian rupee slumped to as low as 66.48 per dollar on Monday, its lowest since September 2013.

Reduced foreign capital inflows and the picture for the pair of currencies, USD/INR, suggest trade in the third quarter may be lackluster.

International investors sold a net $147 million of Indian stocks on Aug. 20, paring this year’s inflows to $6.8 billion.

 

Source: Agencies