NEW DELHI: Indian stocks suffered the steepest rout in more than two months as investors dumped risky assets as worries grow about inflation and an economic slowdown.
The brutal selloff wiped out ₹6.71 lakh crore of investor wealth on Thursday.
Benchmark indices Sensex and Nifty plunged 2.61% and 2.65%, respectively. Thursday's drop was the steepest since March 7.
Analysts said that renewed growth concerns have emerged as global central banks have turned increasingly vocal about their intention to fight spiralling inflation. In addition, corporate earnings are also reeling under input cost pressures, evident from a spate of earnings misses in the US, adding to investors' anxiety. In India, selling by foreign portfolio investors (FPIs) continued unabated.
This story is from the May 20, 2022 edition of Hindustan Times.
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This story is from the May 20, 2022 edition of Hindustan Times.
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