Stocks Crash To Three-Year Low

The Indian stock markets crashed to a three-year low on Wednesday as fears of a global economic recession due to the coronavirus pandemic overshadowed huge stimulus moves from governments around the world.

The BSE benchmark Sensex crashed below the 29,000-level for the first time since Jan 2017, closing 5.6 per cent lower at 28,869. The broader 500-share Nifty plunged by 5.5% to close at a fresh 3-year low of 8,468.80.

Investor wealth to the tune of a whopping Rs 5.39 lakh crore was wiped out on Wednesday, taking the loss in market value of shares over the past three days to a phenomenal Rs 15.1 lakh crore.

TELCO FACTOR Banking and telecom stocks also came under heavy selling pressure after the Supreme Court refused to provide relief to cash-strapped telecom firms on the AGR issue, traders said.