The benchmark Sensex on Tuesday plummeted by 855 points in its worst crash in five and a half years as stock markets globally went into a tailspin amid speculation about probable exit of Greece from the Euro region and oil prices cracking below USD 50 per barrel mark.
The Nifty also tanked 251 points, or 3 per cent. Both the bellwether indices closed at more-than two-week lows.
Panic selling sent markets on a free fall with losses across sectors, traders said, adding that investor wealth plunged by nearly Rs 3 trillion as four counters fell for one that rose.
Oil prices continued to drop, with the US benchmark contract briefly falling below USD 50 a barrel for the first time in more than five years on concerns about ample global supplies and weakening economic growth.
Oil & Gas, realty, metal, capital goods, auto, consumer durable and Banking shares took the lead in the downslide.
The BSE 30-share gauge resumed with a downside gap and gradually moved southwards to break 27,000-mark to a low of 26,937.06 before concluding at 26,987.46 — logging a steep fall of 854.86 points or 3.07 per cent.
This its worst drop since 869.65-point crash on July 6, 2009.