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Sensex Corrects Over 1,400 Points; IndusInd Bank Plummets 30%
Wed, 18 Mar 02:30 pm

Share markets in India have extended losses, amid heightened worries of COVID-19 virus outbreak. Sell-off intensified in the afternoon session, sending the benchmark indices tumbling over 4% to three-year low levels.

The fall led to the market-capitalisation of BSE listed companies getting reduced to Rs 114.48 trillion, its lowest level since February 15, 2017.

Selling pressure was also seen as the Supreme Court in its hearing rapped telcos and the department of telecommunication (DoT) for going through self-assessment. The apex court questioned the Solicitor General on telcos' self-assessments without permission of the court, calling it a contempt of court.

The BSE Sensex is trading down by 1,479 points, down 4.9%, while the NSE Nifty is trading down by 434 points.

Stock of IndusInd Bank corrected over 30%, while Bajaj Finance, Axis Bank, and Kotak Mahindra Bank fell over 9%.

All sectoral indices are trading in red with stocks in the telecom sector, banking sector, and finance sector witnessing most of the selling pressure.

More details to follow in the upcoming commentary.

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