New Delhi: Indian stocks fell for the third consecutive day on Wednesday, making investors even poorer. Indian stocks have fallen by Rs 15.72 in a three-day crash since Monday.

A strong sell-off swallowed the stock market for another day, with the benchmark Sensex plunging 1,709.58 points or 5.59% on Wednesday.

Since Monday, the index has plunged 5,233.97 points to a one-year low of 28,613.05 due to concerns that the global recession could be due to coronavirus The pandemic dampened sentiment.

The market value of BSE-listed companies has shrunk by Rs 15,72,913.52 crore in three , reaching Rs 1,13,53,329.30 crore on Wednesday.

With the exception of ONGC and ITC, all 30 Sensex stocks fell. Industrial Bank of India's biggest losers are India's Grid Corporation, Kotak Mahindra Bank, Bajaj Finance and Bank, with the largest declines of 23.90%.

Banking stocks have been hit hardest after the Supreme Court instructed telecommunications companies to liquidate the full AGR fee mentioned in their judgment.

"As more corona cases and the Supreme Court's tough stance on AGR fees continue to shock the market, the Indian stock market has fallen sharply again." Siddhartha KhemkaMotilal Oswal Financial Services Ltd head of retail research said.

He : "Fears for greater damage to businesses have increased as a result of the increased number of new cases in India. Many states have closed restaurants, shopping centers, stadiums and cinemas as a precautionary measure," he added.

In addition, the Supreme Court ruled that no further objections could be made to Telecom's AGR accounts payable.

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Khemka noted that bank stocks tumbled as the collapse of telecom operators could exacerbate the accumulation of lenders' non-performing loans.

BSE Telecommunications, Banking, Finance and Utilities have been hit hardest, plunging to 9.48%.

At the BSE, 1,882 companies fell, while 963 companies fell, while 186 remained unchanged.

In the broader market, mid-sized and small-cap BSE stocks fell by 4.84% and 6.09%, respectively.

– At a critical time when the pandemic may be negotiating with the economic downturn, the frontline index has fallen by 5.50% in markets hit by the possible adverse effects of the pandemic.

"The market will continue to reflect developments overseas until there is some comfort in the spread of the pandemic," said Joseph Thomas, director of research at Emkay .

More than 1,056 companies reached their lowest point in a year on Wednesday.

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