Even after trade resumed after a 45-minute halt on the Indian stock exchanges, sell-off continued with the BSE Sensex fell over 3,600 points. As of 2:07pm, Sensex was down 12.2% (3,648.39 points) at 26,267.57.
Over Rs 13.1 lakh crore worth of investor wealth was wiped out after the market capitalisation of the Sensex fell to Rs 1,02,98,387 crore from Rs 116.09 lakh crore.
The Nifty50 on the National Stock Exchange also lost over 900 points to trade below the 8,000 mark.
Trading was halted for 45 minutes in the morning after Sensex plunged 10% triggering lower circuit. The S&P BSE Sensex index froze at 27,608.80, down 2,307.16 points from and NSE Nifty 50 benchmark was froze at 7,903, down 842.45 points.
The rupee too, saw a sharp fall, weakening beyond 76 per dollar. After it fell to a low of 76.15 per US dollar, against previous close of 75.19, it opened on Monday at 75.69. Experts suggest that the rupee could weaken further as the global situation worsens.
After trade resumes, at 11.05 a.m., Sensex was trading at 26,686.71, lower by 3,229.25 points or 10.79 per cent from the previous close of 29,915.96.
It had opened at 27,608.80 and has so far touched a high of 27,900.83 and a low of 26,645.83 points.
The Nifty50 was trading at 7,821.50, lower by 923.95 points or 10.56 per cent from its previous close.
The sell-off was on the back of the coronavirus crisis as several cities and states in India have been put under lockdown.
Asian stock exchange too traded in the red after the company said that it will shut operations in all its manufacturing units and sales locations in the next 24 hours in view of the coronavirus crisis and lockdown announced in several states.
All automobile manufacturers too announced suspension of operations across their manufacturing units in the country.
This comes as 75 districts across the country have been put on lockdown, where only essential services would be available to contain the spread of coronavirus.
The districts where lockdown was announced are from states that include Uttar Pradesh, Maharashtra, Punjab, Karnataka, Tamil Nadu and Kerala.