The Bombay Stock Exchange's benchmark index, Sensex, was down 1,408.35 points or 7.4 per cent to close at 17,605.35 on Monday, wiping out $155 billion of market cap in a single day.
World over, the loss was steeper. During January 11 to 21, a total of $4.15 trillion of the global market value was erased on concerns that the US will plunge into recession and global growth would slow down. This fall is nearly equal to the combined gross domestic product (GDP) of emerging markets, excluding China and Japan.
The Indian market was the third biggest loser in the meltdown, with 10.41 per cent ($189 billion) of its market-cap eroded - from $1.82 trillion to $1.63 trillion.
The US market value dropped by $869 million or 5.20 per cent to $15.88 trillion. The United Kingdom market cap plunged 5 per cent to $3.61 trillion, followed by France to $2.45 trillion (7.46 per cent), and Germany to 1.98 trillion (6.24 per cent) during the period.
Among Asian markets, the Hong Kong market was the worst hit, eroding 12.50 per cent ($322 billion) of its market cap to $2.26 trillion.