Following reports that US is heading towards a possible recession again despite the recent increase in debt limit, Indian stock markets crashed today wiping off an estimated amount of Rs 2,50,000 Cr. from the total investors’ wealth.

The BSE Sensex plummeted to 16,990.91 at one point of time before recovering slightly. Today’s was the highest fall of  the stock markets in India after June 11, 2010 as selling pressure gathered great momentum in almost all important counters .

Simultaneously, the 50-share NSE Nifty fell by 203 points to reach 5129. The selling pressure continued unabated in both the BSE and the National Stock Exchange with heavyweights TCS, Reliance Industries, Infosys, Bharti Airtel, ICICI Bank, ITC, L&T and SBI crashed by 2 to 6 per cent. Sterlite Industries was the biggest loser, declining by over 7 per cent.

Overall, around 1242 shares saw their downward trend in both the Exchanges following the downfall in world stock markets -Hang Seng, Nikkei, Taiwan, Kospi and Straits Times.