Investors poorer by over Rs 11.23 trn in 2 days of heavy market selloff

Investors became poorer by Rs 11,23,010.78 crore in two days as domestic equity market continued to face severe drubbing amid a global selloff.

The BSE benchmark Sensex plunged 1,182.53 points to a low of 55,829.21 in early trade on Monday. The benchmark had tumbled 889.40 points or 1.54 per cent to close at 57,011.74 on Friday.

The market capitalisation of BSE-listed companies tumbled Rs 11,23,010.78 crore to Rs 2,52,79,340.30 crore in two days.

Investors' wealth had on Friday shrunk by over Rs 4.65 lakh crore as markets suffered a heavy selloff following weak global trends and continued selling by foreign institutional investors.

"The Indian benchmarks made gap-down opening today amid rising Omicron coronavirus cases worldwide. Traders will be cautious with continuous net outflow of foreign funds as Foreign Portfolio Investors (FPIs) have pulled out Rs 17,696 from the Indian markets in December month so far," Gaurav Garg, Head of Research, Capitalvia Global Research Ltd.