The Wire Staff 
New Delhi: As the sweeping trade tariffs by United States President Donald Trump took effect and triggered a global selloff, Indian stock markets on Monday witnessed one of the worst falls in 10 months with investors losing nearly Rs 14 lakh crore of wealth, Business Today reported.
BSE Sensex ended the day 2,226.79 points lower at 73,137.90, while the NSE Nifty50 closed at 22,161.60, down 742.85 points. Earlier in the day, Sensex plummeted by as much as 3,914 points, while Nifty50 had fallen by 1,146.05 points.
The overall market capitalisation of the BSE-listed firms dropped to Rs 389 lakh crore from over Rs 403 lakh crore in the previous session, a massive loss for investors in a single day.
Technology and metal stocks bore the brunt of the market crash. Tata Steel was down by 7.73% on the BSE Sensex, Tata Motors was down by 5.54%, while shares of Larsen & Toubro were down by 5.78% at the close of the day’s trading.
From the Nifty50 grouping, Trent (down 14.70%), JSW Steel (7.53%) and Tata Steel (7.26%) were the top losers. According to a Mint report, only two Nifty50 stocks closed in the green today – Hindustan Unilever (shares up 0.24%) and Zomato (up 0.22%).
The domestic market fell in sync with its major global peers amid concerns over trade war. “The market tumbled as the carnage over high US tariffs and the retaliation by other countries may kickstart a trade war,” Vinod Nair, the head of research at Geojit Investments Limited, was quoted as saying by Mint.
Scroll reported that several Indian billionaires lost money. Mukesh Ambani’s wealth fell by USD 3.6 billion in a single session, bringing his net worth to USD 87.7 billion, while Gautam Adani lost USD 3 billion, his fortune fell to USD 57.3 billion. Savitri Jindal and family saw a USD 2.2 billion decline to USD 33.9 billion and Shiv Nadar’s net worth fell by USD 1.5 billion to USD 30.9 billion.