Investor wealth plummets Rs 2.72 lakh crores

New Delhi: Investor wealth eroded by Rs 2.72 lakh crore in two days as soaring crude oil prices in the wake of rising geopolitical tensions in the Middle East led to severe selling in the equity market.

"The rampant sell-off across the horizon for second consecutive day resulted in complete erosion of previous week's gains," Nischal Maheshwari, CEO – Institutional Equities, Centrum Broking said.

"The selling pressure aggravated for Indian markets as depreciating rupee and geo-political tensions spooked investor sentiments.

The sharp rise in crude oil prices has impacted domestic sentiments due to India's high dependence on imports," Ajit Mishra, Vice President, Research, Religare Broking said.

At the BSE, 1,696 stocks declined, while 829 advanced and 147 remained unchanged. In the broader market, the S&P BSE small-cap and mid-cap indices fell by up to 1.84 per cent.

All sectoral indices also ended with losses, where BSE auto, realty, metal, bankex, finance, oil and gas, energy, teck and IT indices fell up to 3.80 per cent.