$2.5-trillion world m-cap loss after Brexit vote, highest ever in a day

The Brexit vote proved costly not just for UK markets but global ones, too. The crash in the market after UK referendum outcome to leave the European Union wiped out $2.5 trillion (Rs 170 lakh crore) from world market capitalisation (m-cap). This is the highest-ever single-day erosion in world m-cap in absolute terms. Previous high was in September 2008, when, after the collapse of Lehman Brothers, $1.9 trillion got shaved off. The US, which accounts for more than a third of world m-cap, contributed 30 per cent (highest) to Brexit m-cap erosion. UK, which lost $360 billion in m-cap, was the second-highest. India saw the least amount of erosion among top-10 countries in m-cap, surpassed Switzerland in m-cap.