Investors' wealth go down by Rs 6.57 lakh crore due to the declines of the past two trading days

23 Aug 2022 , 09:50 AM

More than Rs 6.57 trillion in investor value has been lost during the course of two declining stock market sessions.

The 30-share BSE Sensex fell 872.28 points (1.46%), or 58,773.87 points, on Monday. In two straight days, the benchmark index has dropped 1,524.13 points or 2.52%. Due to the general market’s downward trend, the market capitalization of businesses listed on the BSE decreased from Rs6,57,758.04 crore to Rs2,73,95,002.87 crore (about Rs 273.95 lakh crore) in just two days.

While a correction had been overdue following the recent upswing, new worries about a potential hawkish stance by the US Fed in its September meeting and a strengthening dollar index made investors uneasy and led to a sharp decline in stocks in the banking, IT, metal, and real estate sectors, according to Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities Ltd.

The biggest loss in the Sensex pack on Monday was Tata Steel, which dropped 4.50 percent. Other notable losers included Asian Paints, Wipro, Sun Pharma, Larsen & Toubro, Bajaj Finance, UltraTech Cement, and Bajaj Finserv.