Sensex Crash: D-Street selloff in numbers: Big 3 erode Rs 83,000 cr in wealth, 215 stocks hit lower circuits

NEW DELHI: Weakness in shares of Reliance Industries, IT majors and private lenders dragged the BSE Sensex lower by over 1000 points in Thursday’s trade.

The broader market too was hit equally hard with three stocks falling for every two that rose. By 3 pm, investors had lost over Rs 2.75 lakh crore in wealth, 215 stocks (mostly penny) had hit their lower circuit limits and at least 23 stocks had fallen anywhere between 8 per cent and 23 per cent. Top three biggies RIL, TCS and HDFC Bank together shed Rs 83,000-odd crore in market value.

The BSE Sensex fell about 1,000 points before recovering a bit. The NSE Nifty50 was quoting below the 11,750 level. Here is how the market selloff panned out for different set of stocks:

Top 3 stocks eroded 83,000 crore in wealth
Reliance shares fell nearly 3 per cent in Thursday’s trade. As a result, its m-cap fell to Rs 15.02 lakh crore intraday from Rs 15.46 lakh crore in the previous session. IT major TCS saw its m-cap falling to Rs 10.33 lakh crore from Rs 10.54 lakh crore while HDFC Bank’s m-cap declined to Rs 6.48 lakh crore from Rs 6.66 lakh crore. Overall, the top three firms by market value eroded investor wealth by 83,085 crore to Rs 31.84 lakh crore from Rs 32.67 lakh crore in the previous day.

Select midcap stocks decline 3-4%
Cholamandalam Investment and Finance Company fell 4.61 per cent to Rs 238.15. Whirlpool declined 4.12 per cent to Rs 2,050. STFC fell 4 per cent to Rs 639.35. Tata Consumer was down 3.56 per cent to Rs 472.45. Jindal Steel, Mphasis, M&M Finance and Info Edge 3-3.2 per cent.

215 stocks hit lower circuit limits
The list did not include any largecap names. Half of the stocks hitting lower circuits were in fact penny scrips with share price of less than Rs 10. Vivimed Labs hit its 5 per cent lower circuit at Rs 15.50. TCI Finance, Magnum, Gujarat Lease Financing, GTL, Next Mediaworks, Kwality and RattanIndia Infrastructure were among other stocks that their lower circuit limits during the day.

23 stocks plunged 8-20%
Some 23 stocks declined between 10-20 per cent in Thursday’s trade. Alankit fell 19.94 per cent to Rs 14.25. Joindre Capital Services plunged 12.7 per cent to Rs 16.15. Alpine Housing Development tanked 11.15 per cent to Rs 11.55. Mohata Industries, Fraser and Company, Sagarsoft, Shah Alloys and Alps Industries fell 8-20 per cent.

Banking stocks take a hit
The entire Nifty Bank basket was quoting in the red. ICICI Bank fell the most and was down 2.73 per cent at Rs 395.70. HDFC Bank and Kotak Mahindra Bank declined 2.47 per cent and 2.43 per cent, respectively. IndusInd Bank and SBI also fell over 2 per cent. Axis Bank was ruling 0.7 per cent lower at Rs 467.85. Banking stocks alone account for more than a third of Nifty/Sensex weightages. Bank Nifty was down 2.15 per cent at Rs 23,360.40.

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