Coronavirus disease (COVID-19) is an infectious disease caused by a new virus, it is a deadly disease, reported illnesses have ranged from mild symptoms to severe illness and death for confirmed coronavirus disease.
The spread of coronavirus outbreak, which has now been declared a pandemic, and continued slowdown in the global economy.
Following this, in India, overseas investors pulled out a net sum of Rs. 24,776.36 crore from equities and Rs. 13,199.54 crore from the debt segment between Mar 2-13. Prior to this, foreign investors were net buyers for six consecutive months since September 2019.
Even as Finance Minister Nirmala Sitharaman recently said that the government may soon announce measures to help industry limit Coronavirus hit, the pharma and automobile industries are already seeing the impact.
The past few weeks have been the most difficult period many investors have ever witnessed. Fear of a worldwide recession due to spread of coronavirus has spooked investor sentiment with Indian benchmark indices (BSE Sensex and NSE Nifty) falling over 20% this month, in line with many other global indices.
After sharp corrections in three trading sessions on March 9, March 12 and March 16 by 5.1%, 8.1% and 7.9% respectively, the BSE Sensex, one of the widely used equity market indicators in India, crashed by an overall 19.83% this month till March 17.
Major Indian the Nifty 50 companies has decided to prepare for the crisis, HeroMotoCorp has decided to halt all operations at India, Columbia, Bangladesh with immediate effect. HeroMotoCorp has put all manufacturing plants on hold till March 31.With Maharashtra recording the highest number of confirmed coronavirus (COVID-19) cases in India, Tata Motors is preparing for a one-week complete shutdown of its Pune plant and Dalmia Bharat approved a proposal to buy back shares worth up to Rs 500 crore. The company further said it intends to buy not more than 71,42,857 shares at a maximum price of Rs 700 per unit.
The government announced the establishment of a special task-force to shield the economic activity in the country from the coronavirus outbreak.
We should perhaps wait till this week to comprehend the trend.
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