World’s Richest 500 Lose $444 Billion Due To Coronavirus, Read More

Investors around the world has lost billions in the last week due to spreading of deadly disease Coronavirus. Not only for investors, it was an expensive week even for business tycoons who faced loss of billions of dollars. As per a report by news agency Bloomberg, 500 richest people around the world lost around $444 due to the spread of coronavirus around the world.

This is considered to be the biggest drop in the five-day session since the 2008 financial crisis where it has recorded a steep decline of 12 per cent in the last week which resulted in the loss of millions of dollars of investors.

As per the Bloomberg Billionaires Index, world’s three richest person Amazon.com's Jeff Bezos, Microsoft's Bill Gates and LVMH Chairman Bernard Arnault were affected the most. It is estimated that the three personalities lost around $30 billion in the past week.

Health department offciails are finding it difficult to stop the virus which can cause pneumonia and spread it to other healthy looking people. Not only world’s market and stock exchanges have been affected due to this but Indian stock market was no exception. Bombay Stock Exchange witnessed tremendous decline in last week.

Marking its seventh consecutive downfall session, BSE Sensex ends 153.27 points lower at 38,144.02 on Monday as detection of fresh coronavirus cases in India spooked domestic investors. Stock markets had rallied in morning session due to value buying by investors following sharp losses in the previous sessions.

Sensex rallied 786 points to touch the day’s high of 39,083.17. However, as the news of two more positive cases of new coronavirus was issued by the Union Health Ministry Sensex crashed almost 1,300 points from the day’s high to touch 37,785.99. Nifty also plunged to a low of 11,036.25.

Top losers in the Sensex pack includes SBI, Tata Steel, Hero MotoCorp, Bajaj Auto, ONGC and IndusInd bank. On the other hand, HCL Tech, Nestle India, ICICI Bank and Infosys were among the gainers.