Coronavirus and Yes Bank and Kovid-19 caused major stock market crash on Monday
Asian stock markets today suffered a major downfall on fears of the impact of Kovid-19 on the world economy. The reduction in oil prices has also affected the stock markets.
In view of this situation, governments and central banks have prepared incentive measures. Thus Kovid-19 is putting huge burden on economies and worries of recession around the world.
The stock markets of Japan and the Philippines have declined by more than five percent. The Hong Kong stock market lost three decimal six percent and the Sydney stock market lost seven decimal three percent. The stock markets of Taiwan, Singapore, Korea, Indonesia, New Zealand declined by more than three percent, China by two decimal five percent and Thailand by six decimal eight percent. Europe's stock markets and Wall Street also saw a steep decline on Friday.
The stock market has been witnessing continuous decline for some time, due to which it is believed to be corona and recession. These days the stock markets around the world are witnessing a decline. This morning, Japan's exit 225 fell by 5.5 percent, Hong Kong's Hangseng fell by 3.5 percent, South Korea's Kospi also saw a decline of 3.9 percent.
Today, crude oil prices have seen the biggest decline since 1991, due to decreasing demand due to corona virus, Saudi Arabia has cut crude oil prices. It is believed that this will cause slowdown in global economic activity. Shortly after this, the future price of Brent oil fell by about 30 percent.
"The Indian stock market started with a big fall on Monday due to Corona virus and Yes Bank. The Sensex opened with a fall of over 1000 points, while the Nifty also recorded a decline of around 800 points.
Mukesh Ambani, the richest person in the country, has been most affected by the historical decline of the market. His company Reliance Industry has suffered the biggest loss of 12 years in the stock market. Reliance Industries shares fell 13% to Rs 1105. This is the company's biggest decline since October 2008. This brought Reliance Industry Limited's market cap to Rs 6.97 lakh crore.
The shareholders of the company lost Rs 1.08 lakh crore on Monday. Sensex fell 1941 points, out of which about 500 points belong to Reliance Industry alone. TCS has a market cap of Rs 7.31 lakh crore. At the same time, shares of state-run ONGC also fell by about 15%. Reliance has now lagged behind TCS in terms of market cap. Its market cap also decreased by Rs 1 lakh crore.
