Stock market crash | Image:Republic World
Stock market crash: India’s election result day has been a wild ride for the domestic stock market as the BSE index faced its worst crash since the pandemic. The BSE Sensex fell as much as 6,000 points or more than 8 per cent in mid-day as PM Modi’s Bhartiya Janta Party struggles to achieve a majority on its own.
The National Stock Exchange’s Nifty 50 is also facing a ruthless bloodbath as the index has tanked more than 1,860 points or 8.03 per cent, losing the key support level of 22,000. The index is gunning towards testing the 21,000 level, breaking which can cause even a larger sell-off rally.
Gautam Adani-led Adani Group companies were trading their worst day since the release of the Hindenberg report. Adani Enterprises free falls by 911 points or 25 per cent followed by Adani Ports which has lost 400 points or 25 per cent.
Adani Power is down by 20 per cent with Adani Energy Solutions meeting the same decline as its Adani peers.
The shares of Public Sector Undertakings and state-owned banks fell as much as 15 per cent amid the crash as Indian Bank fell 17.5 per cent, Union Bank fell 17.41 per cent, Punjab National Bank dipped 16.21 per cent, Bank of Baroda down by 16.23 per cent, and Canara Bank down by 14.31 per cent on NSE.
Amid this unforeseen bloodbath in the market, Hindustan Unilever, Britannia, and Nestle India were the only major stocks that traded in the green. Hindustan Unilever gained as much as 3.80 per cent.
