Stock market a sea of red: Investors lose Rs 9.6 lakh crore in 3 days
Bloodbath in Stock markets: Investors lose Rs 9.6 lakh crore in 3 days. Stock market bloodbath has wiped out Rs 9.6 lakh crore from investor wealth in three days. The BSE benchmark Sensex fell 1,274.35 points to hit the day's low at 33,482.81 in Tuesday's early trade. Led by a continuous sell-off, the market capitalisation of BSE-listed companies went down by Rs 9,60,938 crore to Rs 1,43,39,062 crore in three days. Finance and Revenue Secretary Hasmukh Adhia commented on the worse market conditions and said, the government will look into what it can do after a slump in local market reflecting global sell off. When asked if the government will scrap or review the long term capital gains (LTCG) tax which was introduced last week in the federal budget, Adhia said the government will look into what it can do. "The crash in the mother market - the Dow plunging by 2,200 points in two days has unnerved equity markets globally. The sell-off in the US has led to a global sell-off. Indian market is in tune with global markets in this downturn," said VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services. Investor sentiment has remained sluggish after the government announced in the Budget a proposal to levy 10 per cent long-term capital gains (LTCG) tax on equities and projected a fiscal deficit of 3.5 per cent of GDP for 2017-18. It was a sea of red as all the 30-share Sensex components were trading with losses led by Tata Motors. -PTC News
