On Monday (November 22), Indian equities markets saw their largest intraday drop in over seven months, with the BSE Sensex plunging as much as 1,625 points before closing the day with 1.96 percent or 1,170.12 points lower at 58,465.89. After hitting an intraday low of 17,280.45, the NSE benchmark Nifty50 index ended the day 1.96 percent or 348.25 points lower at 17,416.55. The market's drop today took off over Rs 8 lakh in investor worth.
On the heels of inflation fears and the reappearance of Covid-19 infection in some European countries, benchmark indices opened lower today, reflecting a sluggish global market. As selling pressure mounted on heavyweights such as Reliance Industries, ONGC, and SBI, the sell-off gradually widened.
Bajaj Finance was the biggest loser among Nifty equities, down 5.70 percent, followed by ONGC and Bajaj Finserv, which sank 1.51 percent and 4.73 percent, respectively. The Nifty's top five losers were Tata Motors and Reliance Industries, which fell 4.65 percent and 4.43 percent, respectively.
Reliance Industries was the most significant drag on the Sensex, with the stock's loss alone contributing roughly 300 points to the 30-share index's decline. After the country's largest company chose to postpone a stake sale in its oil-to-chemicals business (O2C) to Saudi Arabia's Aramco and backed away from a planned spinoff of its most profitable subsidiary, Reliance Industries came under selling pressure. The stock closed at Rs 2,363, down 4.4 percent.
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