AGENCIES, Mumbai: It was a double whammy for India’s markets today on news of coronavirus and Yes Bank fiasco. Investor confidence was low as shares fell sharply on Friday in early trade, tracking a sell off in global equities.
Hitting the sentiment on Dalal Street, the Reserve Bank of India has placed Yes Bank under a moratorium and took over its board. The news wasn’t taken kindly and the Sensex fell over 1,400 points which resulted in wiping out ₹5 lakh investor wealth in seconds. Yes Bank shares also fell sharply on the stock market.
Investors have been advised that no Futures and Options (F&O) contracts shall be available in Yes Bank for trading in the equity derivatives segment from May 29, 2020.
That’s not all, the Indian rupee also was impacted sharply, breaching the 74 levels against the US dollar. The broader Nifty50 also fell below 10,900 mark.
Fears of global economic slowdown due to fast spreading Covid-19 have dampened business sentiment across the world. The coronavirus outbreak has now spread to more than 78 countries — from South Korea to Italy, Iran, Japan and the United States. A total of 97,873 cases have been reported worldwide and 3,382 people have died of the virus.