Agencies

Mumbai, Jun 10: India Inc has lost all the gains of the current fiscal in its market value with a depreciation of close to Rs 2 trillion (about $50 billion) on Monday amid a fall of over 500 points in the benchmark Sensex in less than six hours of the day's trading.

The benchmark Sensex on Monday plunged 506.08 points to close at 15,066.10 points -- its lowest in current fiscal and in close to past one year. The index last traded at these levels in July 2007.

Following today's plunge, the cumulative market capitalisation of all the listed companies in the country has fallen below the Rs 50-trillion mark to Rs 49,60,000 crore (Rs 49.60 trillion), marking a loss of close to Rs 2,00,000 crore (Rs 2 trillion) from the level before the market opened this morning.

Out of this, nearly half the loss amounting to about Rs 1 trillion was contributed by the country's 30 biggest blue-chips which constitute the benchmark Sensex.

The total market cap of 30 Sensex companies fell to close to 20,86,000 crore (Rs 20.86 trillion) from Rs 21,60,000 crore (Rs 21.60 trillion) at the end of last trading session on Friday last week.

The total value of all the listed shares, also known as investors' wealth, has plummeted by close to Rs 20 trillion (about 500 billion dollars) from its highest level early this year.

The Sensex has also shed close to 6,200 points from its life-time high of 21,206.77 points scaled on January 10.

At 2007-end, the total market value of all the listed companies stood at Rs 71,70,000 crore (Rs 71.70 trillion) -- which represented a gain of close to Rs 35,00,000 crore (Rs 35 trillion) during the year.

However following the recent downslide on the bourses, more than half of the total gains registered during 2007 has been already wiped off and several market observers expect the bearish phase to further continue.

The current fiscal has been especially volatile for the stock market. After starting the year at a level over 15,000 points, the Sensex rose past 17,500 early in May but further bouts of selling pressure pulled it down and today fell below the 15,000-point mark in the intra-day trade today.

The total market capitalisation of all the listed companies stood at about Rs 51,38,000 crore (Rs 51.38 billion) at the end of the previous fiscal ended March 31.

Although there have been a number of new listings in the stock market since then, accounting for at least Rs 2 lakh crore worth of market capitalisation, the current level of total market value represents a loss of close to Rs 2 trillion.

After taking into account only those companies listed at the end of the previous fiscal, the loss would nearly double to about $100 billion (about Rs 4 trillion).

However, it is promoters whose value has taken a larger beating in this loss, given their higher holdings in the listed companies. The promoters' holding is estimated to account for nearly two-third of the total loss.

During Monday's trading session also, promoters saw their holdings depreciating by more than Rs 1 trillion among all the companies and by close to Rs 60,000 crore (Rs 600 billion) in the 30 Sensex companies alone.

In contrast, the value of public shareholders' holdings fell by close to Rs 30,000 crore (Rs 300 billion) among the Sensex companies and by nearly double this figure among the remaining stocks.

The current fiscal has been especially volatile for the stock market. After starting the year at a level over 15,000 points, the Sensex rose past 17,500 early in May but further bouts of selling pressure pulled it down and today fell below the 15,000-point mark in the intra-day trade.

The total market capitalisation of all the listed companies stood at about Rs 51,38,000 crore (Rs 51.38 billion) at the end of the previous fiscal ended March 31.

Although there have been a number of new listings in the stock market since then, accounting for at least Rs 2 lakh crore worth of market capitalisation, the current level of total market value represents a loss of close to Rs 2 trillion.

After taking into account only those companies listed at the end of the previous fiscal, the loss would nearly double to about $100 billion (about Rs 4 trillion).

However, it is promoters whose value has taken a larger beating in this loss, given their higher holdings in the listed companies. The promoters' holding is estimated to account for nearly two-third of the total loss.

During Monday's trading session also, promoters saw their holdings depreciating by more than Rs 1 trillion among all the companies and by close to Rs 60,000 crore (Rs 600 billion) in the 30 Sensex companies alone.

In contrast, the value of public shareholders' holdings fell by close to Rs 30,000 crore (Rs 300 billion) among the Sensex companies and by nearly double this figure among the remaining stocks.