Investors’ wealth dropped by Rs 10 lakh crore on Friday as the BSE Sensex slumped over 900 points to crash below the 76,000 level due to an across-the-board sell-off, tracking weak global markets amid growing global trade war fears.
Besides, heavy selling in market heavyweights Reliance Industries, L&T and Infosys and a sharp correction in global crude prices, indicating recessionary fears, added to the gloom.
The 30-share BSE Sensex tumbled 930.67 points or 1.22% to settle at 75,364.69. During the day, it plummeted 1,054.81 points or 1.38% to hit an intraday low of 75,240.55.
Shares of pharma companies on Friday tumbled more than 11% amid reports that the Trump administration will soon announce tariffs on pharma imports. Trump has said that tariffs on pharma and semiconductors will be announced shortly.