Crime Today News
Indian stock markets on Monday witnessed one of their worst falls in 10 months as sweeping tariff announcements by United States President Donald Trump triggered a global selloff.
The Bombay Stock Exchange Sensex ended the day at 73,137.90, down 2,226.79 points, while the National Stock Exchange Nifty50 closed at 22,161.60, losing 742.85 points. Earlier in the session, the Sensex had plummeted by as much as 3,914 points, and Nifty50 by 1,146.05 points.
With this, investor wealth of about 13.58 lakh crore was wiped out, Business Today reported.
Technology and metal stocks bore the brunt of the selloff in India. Tata Steel was down by 7.73% on the BSE Sensex, while Tata Motors was down by 5.54% at closing. Shares of Larsen & Toubro were down by 5.78 at the close of the day’s trading.
From the Nifty50 grouping, the top losers were Trent (14.70%), JSW Steel (7.53%) and Tata Steel (7.26%).
Retail investors were not the only ones hit. According to Forbes’ real-time billionaire list, India’s richest individuals lost over $10 billion in a single day, reported India Today.
Mukesh Ambani’s wealth fell by $3.6 billion to $87.7 billion, while Gautam Adani lost $3 billion, bringing his net worth down to $57.3 billion. Savitri Jindal and family saw a $2.2 billion decline to $33.9 billion and Shiv Nadar’s fortune fell by $1.5 billion to $30.9 billion.
Dr VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, was quoted by India Today as saying: “Globally, markets are going through high volatility caused by extreme uncertainty. No one knows how this situation caused by Trump tariffs will unfold. The best thing to do now is to wait and watch.”
Congress leader Rahul Gandhi remarked that Prime Minister Narendra Modi was “nowhere to be seen” amid the turmoil in the stock markets.
“India has to accept reality,” he said. “We have no choice but to build a resilient, production-based economy that works for all Indians.”
Trump on April 2 announced a 10% minimum tariff on most goods imported into the United States, which took effect three days later. The US government also imposed a 25% tariff on all foreign-made automobiles, which took effect on April 3.
Besides, Washington said that it was imposing reciprocal tariffs on dozens of countries, including a 26% “discounted” levy on India.
On Friday, the US S&P 500 fell 6% and the Dow Jones plunged over 2,000 points, its worst weekly performance since the Covid-19 pandemic. China announced it would impose 34% tariffs on all US imports starting April 10, in response to Trump’s announcement. The Nasdaq confirmed it had entered a bear market.
Trump defended his decision, saying, “I did not want global markets to fall, but sometimes you have to take medicine to fix something.” He called April 2 “Liberation Day” and described it as “one of the most important days in American history”.
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