Current Affairs

Coronavirus Impact on Economy: Stock Markets tumble after WHO declares COVID-19 as Pandemic

Coronavirus Impact on Economy: Stock Markets tumble after WHO declares COVID-19 as Pandemic

Coronavirus Impact on Economy: BSE Sensex fell by nearly 2500 points or by 6.5 per cent to 32,990, while NSE Nifty dropped by around 700 points to intra-day low, below 9700 points.

Mar 12, 2020 13:52 IST

Coronavirus Impact on Economy: Stock Markets tumble after WHO declares COVID-19 as Pandemic 1

Coronavirus Impact on Economy: The stock markets took a deep plunge on March 11, 2020 after WHO declared COVID-19 virus as pandemic. The declaration triggered travel bans globally with the US President Donald Trump banning all passengers from European countries and India suspending all tourist visas till April 15, 2020. 

In India, Sensex and Nifty crashed by nearly 7 percent. While BSE Sensex fell by nearly 2500 points or by 6.5 per cent to 32,990, NSE Nifty dropped by around 700 points to intra-day low, below 9700 points. The stocks of aviation sector were the worst hit, as shares of industry majors including Spicejet and InterGlobe Aviation fell by almost 19 percent after the travel ban imposed by the central government. 

The other major contributers to the fall in Sensex included Tata Steel, Adani Ports, Mahindra & Mahindra, HDFC Bank, Axis Bank, Reliance Industries and the State Bank of India. 

Background

Currently, around 126,490 confirmed cases of COVID-19 virus have been reported from across the world. This figure includes 4.637 deaths and around 68, 315 recoveries. India currently has 73 confirmed coronavirus cases, out of which 11 are fresh cases and four patients recovered successfully.

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