Business / Reserve Bank's decision drowned investors' loot, stock market outcry cost 6.27 lakh crores

New Delhi. The announcement made by the Reserve Bank on Wednesday to control inflation created an outcry in the stock market. The stock market investors lost Rs 6.27 lakh crore due to the sudden hike in the repo rate. The Reserve Bank has announced an increase in the repo rate by 40 basis points. This will make all types of loans expensive.

Reserve Bank Governor Shaktikanta Das announced an increase in interest rates in a press conference at 2 pm on Wednesday. After this, there was a flood of selling in the stock market. The 30-share BSE Sensex fell 1,306.96, or 2.29 per cent, to end at 55,669.03 points. This is its lowest level in the last two months. During trading, the Sensex had fallen by 1,474.39 points at one time.

sharp drop in market capitalization

Due to this huge fall in the market, the market capitalization of listed companies on BSE declined by Rs 6,27,359.72 crore to Rs 2,59,60,852.44 crore. Among the Sensex companies, Bajaj Finance was the biggest loser at 4.29 per cent. While shares of Titan, Bajaj Finserv, IndusInd Bank, HDFC Bank, Reliance Industries and Maruti also ended in losses.

The 50-share NSE Nifty fell by 391.50 points, or 2.29 per cent. It closed down at 16,677.60. Nifty Bank closed 899.20 points lower at 35,264.55. On Wednesday, 2,454 shares fell on the NSE. While 825 shares rose. Apollo Hospitals, Adani Ports, Hindalco Industries, Bajaj Finance and Bajaj Finserv were the top losers on the Nifty.