Picture : ANI ( Purely Representational Purpose Only)
Investors’ wealth has eroded by a whopping Rs 48.29 lakh crore since the start of the West Asia war on February 28, sending shock waves across global markets and driving the BSE Sensex lower by 10.56 per cent.
According to PTI report, Since the conflict began, the BSE benchmark Sensex has tumbled 8,590.8 points or 10.56 per cent, and the NSE Nifty lost 2,666 points or 10.58 per cent.
The market capitalisation of BSE-listed companies eroded by Rs 48.29 lakh crore (Rs 48,29,041.45 crore) to Rs 415 lakh crore (Rs 4,15,21,629.82 crore) since then.
The US and Israel launched military strikes on Iran on February 28, killing Ayatollah Ali Khamenei, Iran’s supreme leader.
Following the military offensive, Iran has carried out a wave of attacks mainly targeting Israeli and American military bases in several Gulf countries, including the UAE, Bahrain, Kuwait, Jordan, and Saudi Arabia.
The war in the Middle East nearly closed the Strait of Hormuz – the narrow waterway between Iran and Oman that connects the oil and gas-producing Gulf countries to the rest of the world.
“The deepening Strait of Hormuz crisis, sustained pressure on the rupee, elevated energy prices, and continued foreign outflows are collectively driving a negative sentiment cycle,” Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
