Stock market: Investors lose Rs 36 lakh cr as counting paints dismal picture for NDA
Mumbai: As trends in election results continue to defy exit poll predictions, the Indian share market fell sharply this morning, wiping out Rs 36 lakh crore in just three hours, showed real time data.
The market value of the companies listed with the Bombay Stock Exchange fell to Rs 389 lakh crore, according to BSE data at 12:15 pm.
The m-cap was at Rs 425 lakh crore when the market closed yesterday.
As per latest figures, Sensex dropped 5,000 points, while Nifty nosedived more than 1,500 points, reflecting an atmosphere of disappointment in Dalal Street, just a day after both the indices reached their record highs.
This is the lowest the market has plummeted since the Covid-era.
Among the major laggards are the
State Bank of India, Tata Steel, and NTPC are the biggest losers in the Sensex.
The indices, both Nifty and Sensex, recorded biggest single-day gains in three years, relying on exit poll predictions of continuity and political stability.
The forecasts, however, appear to have downplayed the opposition parties' performance and led to excessive optimism in the market.
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