The escalating tension between Ukraine and Russia has made the market take a beating. On Tuesday, the domestic equity market benchmark BSE Sensex ended in the red for the fifth straight session at 57,300.68.
Due to this, in just five sessions, the market capitalization of five out of ten Gujarat based companies fell by Rs 42,741.16 crore. Analysts attribute the decline to profit booking as nervous investors turned cautious.
After the 1700 point drop on February 14, the BSE Sensex recovered on February 15 to touch 58,142.05. However, as the market consistently fell by 841.37 points over five sessions, several Gujarat based companies’ market cap deteriorated.
They were Sun Pharma (Rs 7,262.9 crore), Adani Total Gas (Rs 17,168 crore), Adani Wilmar (Rs 9,026 crore), and Gujarat Gas (Rs 1,018 crore).
According to BSE India, the total wealth eroded across India is Rs 7.04 lakh crore during this time. In addition, the price of crude oil touched $700 a barrel yet again.
As the markets opened, the benchmark BE Sensex tanked 1,004 points or 1.74% to 56,680. However, the domestic market cut its losses during the late session.