Investors lose Rs 3 lakh crore, EU referendum predicts close finish

During the first hour of trade on June 24, Indian investors lost over Rs 3 lakh crore following BBC forecast that Britain have voted extensively in favour of severing ties with the EU. Fearing further consequences, a section of investors even resorted to heavy selling amid markets facing moments of anxiety.

The argument in favour of staring within EU and leaving EU has turned to be a neck-to-neck tussle at 10.20am IST on Friday when 16,40,3186 voters wished Britain to leave EU and 15,32,8123 voted for Britain remaining with EU. According to BBC, interestingly, Scotland and Northern Ireland voted heavily in favour of Britain remaining within EU unlike other parts of the country. Till the time of posting this report, 1030 hours IST, 14 results are awaited and anything can happen at this juncture though BBC forecast reveals the final outcome may be in favour of Britain leaving EU in this referendum. Leave needs 308,519 votes to win the battle as per BBC reports on Friday morning.

Meanwhile, Indian markets continue to fall amid much apprehensions. Various key sectors including pharma, automobile, IT failed to show strength on the wake of the referendum results pouring in. While some investors expressed their depression, for some it has turned to be an opportunity to buy—a mixed picture, however, emerges from Dalal Street, hub of India’s stock market activities. Union Minister of Finance, Arun Jaitley meanwhile told media in Chinese capital Beijing that investors in India should remain patient till the final results emerge. He denied further comment till results are out finally which may around two more hours from now and by 12 noon, the final results may emerge from the capital of Britain.

Sensing a trouble as Indian rupee shredded over 1 per cent in the morning, RBI has initiated its intervention.