The BSE Sensex on Thursday logged its worst fall in history on Thursday after crashing by 2,919 points, while NSE Nifty slipped 868 points after the World Health Organization (WHO) declared coronavirus as a global ‘pandemic’.
The carnage on the D-Street eroded investor wealth by Rs 11.42 lakh crore to Rs 126 lakh crore, exchange data showed.
The Sensex at the closing bell was at 32,778.14 down by 2919.26 points.
The major laggards on the Sensex included Tata Steel, Axis Bank, ONGC, SBI, Mahindra & Mahindra and Reliance Industries, with their shares slipping as much as 12.11 per cent.
Similarly, Nifty fell by 868.25 points hitting 9,590 mark. This is the first time when Nifty slipped below 10,000 mark in two and a half years.
Following the WHO’s announcement, India enhanced its travel restrictions resulting in a downfall of the shares of the airlines. Share prices of IndiGo, SpiceJet and the defunct Jet Airways were deep in the red, with SpiceJet slumping around 20 per cent.
At 3.03 pm the shares of SpiceJet were at Rs 48.30, down by 19.97 per cent, followed by IndiGo at Rs 1,008.75, low by 12.70 per cent and Jet Airways down by 4.86 per cent at Rs 18.60.
The bear run in both the global and domestic markets has continued off late on concerns of the coronavirus outbreak severely impacting the global economy. It has also raised calls for government intervention and support.
Central banks in several countries, including the US Federal Reserve have announced emergency rate cuts to boost sentiments. However, the concerns have only deepened in the past few days as the number of COVID-19 cases across the world has increased.
The COVID-19 has already claimed over 4,200 lives and infected more than 117,330 people across 107 countries and territories. China remains the hardest-hit with over 80,000 infections and 3,000 deaths.
(With input from agencies)