The selling is partly the fallout of regulatory concerns of a bubble in the segment and a directive by the Association of Mutual Funds of India (Amfi) to mutual funds to conduct stress tests.
While the BSE SmallCap Index lost 2.11%, the BSE MidCap index gave up 1.31%. In the last two sessions, the small-cap gauge has dropped from 44,653 to 42,831, logging a fall of about 1,822 points or 4.08%. The mid-cap index has come off from 39,852 to 39,238, recording a drop of 614 points or 1.54% in two days. More than half of the companies in the 946-member BSE Small Cap Index have fallen 20% from their recent highs.
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