Equity indices fall by 4 pc as Covid-19 fears spread, oil prices plunge
Updated:5 years, 7 months ago
Mumbai, Mar 09 (ANI): Equity benchmark indices dropped sharply during early hours on Monday in line with Asian peers as risk sentiment worsened due to the unabated spread of coronavirus (Covid-19) and a plunge in oil prices. Oil fell the most since 1991 after Saudi Arabia started a price war with Russia by slashing its selling prices amid falling demand because of the virus outbreak. At 10 am, the BSE S&P Sensex was down by 1,532 points or 4.08 per cent to 36,045 while the Nifty 50 dived by 418 points or 3.8 per cent. Major losers were IndusInd Bank, State Bank of India, Tata Motors, Tata Steel, Larsen & Toubro and Power Grid Corporation. However, Yes Bank gained by 14.2 per cent as State Bank of India got ready to unveil a reconstruction plan for the troubled private sector lender, which has been grappling with mounting bad loans and struggling to raise fresh capital.
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