Investor wealth erodes Rs 4.82 trn as Covid-19 cases continue to spike

Axis Bank was the top loser in the Sensex pack, dropping 9.16 per cent

Investor wealth tumbled by Rs 4,82,033.63 crore in two days of market fall as rise in Covid-19 cases further triggered selling in equities.

The Sensex plummeted 674.36 points or 2.39 per cent to close at 27,590.95 on Friday.

Selling in markets led to a decline in market capitalisation of the BSE-listed companies which tumbled Rs 4,82,033.63 crore to Rs 1,08,66,722.96 crore in two days.

"The Indian benchmark indices continued to plunge southwards, after a surge in the number of coronavirus cases in India. Besides, Moody's report on the banking sector wherein they have changed their outlook, further dented the sentiment," Ajit Mishra, vice-president