MUMBAI: Triggered by global concerns over China’s falling economy and its impact on global markets, the benchmark BSE Sensex witnessed bloodbath as it closed the day at 25,741.56, down 1,624.51 points (5.94 per cent). This is one of the biggest fall since 2009.
Moreover, the Nifty was also down 490.95 points (5.92 per cent) to close at 7809.
According to media reports, on the back of the market meltdown, investors lost more than Rs 7 lakh crore. The downfall not only left the major oil, goods and bank companies in the red but the Indian Media and Entertainment (M&E) companies were also badly hit.
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In the media sector, news company NDTV India was the worst hit as it fell 16.27 per cent to close the day at Rs 88.50. This was followed by TV Today, which witnessed a fall of 13.99 per cent to close the day’s trade at Rs 192.15.
Among radio players, Entertainment Network India Ltd (ENIL)-a listed company, was down by 7.33 per cent. Other media companies who were affected and have radio arm is B.A.G Films who fell by 8.78 per cent and HT Media bore a loss of 2.84 per cent.
Eros International Media closed at Rs 441.95 after registering a 11.60 per cent decline. Even music companies were not left untouched from the stock market waves. Shemaroo Entertainment, Saregama and Tips Music recorded a fall of 10.74 per cent, 9.98 per cent and 9.53 per cent respectively.
Ascribing the market crash to global turbulence, finance minister Arun Jaitley said that the government along with the Reserve Bank of India (RBI) was watching the situation and hoped that things will stabilise once the transient impact is over.
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