In the first 100 days since the second term of Modi government started on May 30, as much as INR 12.5 lakh crore wealth of investors’ saw a wipe off.
At yesterday’s closing bell, the market capitalisation listed on the Bombay Stock Exchange stood at INR 1,41,15,316.39 crore against a market capitalisation of INR 1,53,62,936.40 crore a day before PM Modi’s government came into power for the second time.
The Sensex witnessed a fall of 5.96 % (2,357 points) since the BJP came into power with a resounding mandate.
While the NSE Nifty 50 index slumped by 7.23 per cent (858 points) since May 30.
“The slowdown in the markets started way before the Prime Minister Modi’s second term in power. The introduction of long term capital gains tax and dividend distribution tax in February 2018 budget led to the start of fall in equity market valuations and the slump in markets accelerated in the aftermath of the IL&FS crisis,” AK Prabhakar, head of research at IDBI Capital, was quoted as saying in an NDTV report.
India’s GDP saw a six-year low of 5 per cent in June quarter.