Nifty Firms Wipe Out Over Rs 10 Lakh Crore In Investor Wealth

Nifty companies eroded over Rs 10 lakh crore of investors' wealth on Tuesday after election trends showed incumbent government is facing tougher battle than anticipated.

The total market-cap of the companies in NSE Nifty 50 decreased Rs 10.22 lakh crore to Rs 175.83 lakh crore, according to data on NSE.

NSE Nifty fell as much as 8.52% to 21,281.4, the highest intraday fall since March 23, 2020. The index settled 1,379.40 points or 5.93% lower at 21,884.50.

The BJP-led National Democratic Alliance is leading in nearly 300 seats, while the I.N.D.I.A. alliance is leading in over 200 seats, as per data from the Election Commission of India.

Companies in the S&P BSE Sensex wiped out nearly Rs 8 lakh crore of investors' wealth as uncertainty fuelled among investors when counting trend showed incumbent government is facing tougher than expected fight.

Market-cap of the benchmark 30 companies listed inS&P BSE Sensex index declined by Rs 7.75 lakh crore to Rs 143.26 lakh.

During the day, the benchmark fell 8.15% to 70,234.4. The index settled 4,389.73 points or 5.74% down at 72,079.05 on Tuesday.

Shares of Reliance Industries Ltd., HDFC Bank Ltd., ICICI Bank Ltd., Larsen & Toubro Ltd., State Bank Of India weighed on the benchmark index.

Hindustan Unilever Ltd., Nestle India Ltd., Hero MotoCorp Ltd., Britannia Industries Ltd., Tata Consultancy Services Ltd. limited losses in the benchmark.

On NSE, 11 sectors out of 12 declined, and one advanced with the NSE Nifty PSU Bank tumbling the most. The NSE Nifty FMCG recorded least fall among peers.