Equity indices BSE Sensex and Nifty50 plunged on Wednesday amid selling pressure in major shares and concerns over high valuations.
Sensex was trading below 73,000 level, down 700 points while Nifty50 was close to 22,000 level. The gains in ITC shares in Sensex was weighed down by erosions in Reliance and L&T.
Massive losses were reported in mid and smallcap indices. BSE midcap was down 3.7 per cent and BSE smallcap tanked 4.4 per cent after 12pm.
More than 200 stocks struck their 52-week lows in intraday trade on the BSE, including HUL, SBI Cards and Payment Services and Zee Entertainment.
Experts said the crash was expected amid excessively high valuations and frothy market.
