Bulls Locked Down, Markets Gasp
Business Standard|March 24, 2020
Indices crash 13%, making india worst-performing market in the world. ₹14-trillion market cap wiped off; financial stocks lead the rout
Samie Modak

The Nifty50 index saw its sharpest one-day fall on Monday, crashing 13 per cent, as the virtual shutdown of the economy to contain the spread of coronavirus spooked investors. The selloff was so severe that it shaved off a record ₹14 trillion of market capitalisation. Over the weekend, the Centre and many state governments announced lockdowns, bringing the economy to a grinding halt, as the tally of those infected surged past 450 and the death toll reached nine, raising fears of a community spread.

Market experts. said investors were afraid of the unprecedented disruption to business activity pushing the country into a prolonged recession if the outbreak did not stem. The Nifty dropped 1,135 points, or 13 per cent, to close at 7,610, the lowest since April 8, 2016. This was the steepest fall for the index, both in percentage and point terms.

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