Investor wealth dips by over Rs 1 lakh crore

Mumbai: A sharp sell-off in the stock market wiped out over Rs 1 lakh crore from total investor wealth Tuesday as the benchmark BSE Sensex lost 541 points.

Fag-end massive selling pulled down the Sensex by 541.14 points or 2.07 percent to 25,651.84.

The market capitalisation (m-cap) of BSE-listed companies fell by Rs 1.36 lakh crore to Rs 93.33 lakh crore.

"Indices slipped in deep red in line with European peers, China worries, profit-booking and unwinding of positions ahead of September derivative contracts expiry," said Gaurav Jain Director, Hem Securities.

The Asian Development Bank (ADB) today lowered growth projections for India for the current fiscal to 7.4 percent, from the 7.8 percent earlier, citing weak monsoon, poor external demand and inability of the government to push economic reforms in Parliament.

Among the 30-Sensex components, 26 ended the day with losses led by Vedanta, Hindalco Industries, Coal India and Tata Motors.
The gainers were Wipro, Mahindra & Mahindra, Sun Pharma and Infosys.

Among BSE sectoral indices, metal fell by 4.24 percent followed by capital goods (3.10 percent), power (3.09 percent), bankex (3.04 percent) and realty (2.54 percent).