Investors Lose Rs 7.15 Lakh Crore As Markets Plunge; IndusInd Bank Slump

The combined market capitalisation of BSE-listed companies plunged by Rs 7,15,739.19 crore, bringing it down to $5.19 trillion during early trading hours

Among the major decliners in the Sensex pack, IndusInd Bank shares nosedived over 19 per cent after reporting a 40 per cent drop in its September quarter net profit to Rs 1,331 crore.

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Investors saw their wealth shrink by a massive Rs 7.15 lakh crore in the morning trade as Indian equity markets plummeted, driven by a steep decline in IndusInd Bank shares and sustained foreign outflows. The BSE Sensex fell sharply by 708.69 points, reaching 79,356.47, while the NSE Nifty dropped 286.35 points to settle at 24,113.05.

The combined market capitalisation of BSE-listed companies plunged by Rs 7,15,739.19 crore, bringing it down to Rs 4,36,63,565.73 crore ($5.19 trillion) during early trading hours.

Among the major decliners in the Sensex pack, IndusInd Bank shares nosedived over 19 per cent after reporting a 40 per cent drop in its September quarter net profit to Rs 1,331 crore, with concerns mounting over asset quality. Other key losers included Mahindra & Mahindra, NTPC, Larsen & Toubro, Adani Ports, Titan, Tata Steel, and JSW Steel.

Meanwhile, ITC stood out as a notable gainer, surging over 3 per cent following its report of a 1.8 per cent rise in consolidated net profit to Rs 5,054.43 crore for the second quarter ended September 2024. Revenue from operations jumped 15.62 per cent, reaching Rs 22,281.89 crore in the July-September period. Other prominent gainers were Asian Paints, Sun Pharma, Nestle, and Hindustan Unilever.

Exchange data shows Foreign Institutional Investors (FIIs) offloaded shares worth Rs 5,062.45 crore on Thursday, while Domestic Institutional Investors (DIIs) purchased equities worth Rs 3,620.47 crore.

In Asian markets, Seoul, Shanghai, and Hong Kong posted gains, while Tokyo was in the red. US markets closed mostly higher on Thursday.

Brent crude, the global oil benchmark, rose slightly by 0.31 per cent to $74.61 per barrel.

On Thursday, the BSE benchmark had settled with a minor dip of 16.82 points at 80,065.16, and the Nifty ended lower by 36.10 points at 24,399.40 after a volatile session.