Wealth destruction: 79 BSE500 stocks lose over 10k cr each since Feb 1

Sensex has lost more than 30 percent so far this year, that's nearly 13,000 points, and is down about 33 percent from its record high of 42,273 registered on January 20.

The average market capitalisation of BSE-listed companies has come down by more than Rs 40 lakh cr in the same period. Tracking the sell-off in markets, nearly 30 companies have turned into midcaps from largecaps in the same period as fears of economic slowdown gripped equity markets across the globe.

The relentless sell-off in equities has damaged the sentiment of investors as the fears have become stronger about the economic fallout of coronavirus.

Morgan Stanley in a note on March 17, warned investors that the seismic waves of COVID-19 are likely to trigger a global recession.

S&P Global Ratings on Wednesday lowered India's economic growth forecast to 5.2 percent for 2020, saying the global economy is entering a recession amid the coronavirus pandemic.

On Tuesday, Moody's Investors Service had lowered India's economic growth forecast for 2020 to 5.3 percent (from 5.4 percent), on coronavirus impact on the economy.

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