Investors' wealth erodes by Rs 2.57 trn as stock markets tumble

Indian equities opened positive but gave in to profit-booking in second half following weak global cues, says an analyst

Equity investors became poorer by Rs 2,57,785.17 crore on Wednesday as benchmark indices came under heavy sell-off tracking weak global markets.

The 30-share BSE benchmark tumbled 555.15 points or 0.93 per cent to close at 59,189.73, halting its two-day rally.

During the day, it dived 665.02 points to 59,079.86.

The market capitalisation of the BSE-listed companies tumbled Rs 2,57,785.17 crore to Rs 2,62,20,547.05 crore at close of trade.

"Indian equities opened positive but gave in to profit-booking in second half following weak global cues.

"Globally, equities tanked as risk sentiment soured amid growing worries over increase in government bond yield, rising inflation and soaring energy