Stock market investors had a field day on Twitter on Friday as Indian stock indices plummeted sharply during Friday's trade weighed largely due to a significant decline in banking, financial, metal, and oil and gas indices.
Some Adani Group companies plunged 20% and hit their lower circuits in the wake of a short-seller attack on the conglomerate, which also dragged down financials.
Sensex closed the week's last session at 59,330.90 points, down 874.16 points or 1.45 per cent, whereas Nifty closed at 17,604.35 points, down 287.60 points or 1.61 per cent. The stock market has been quite volatile since Wednesday, which continued even on Friday. Ten companies owned by Adani Group saw a total market share decline of Rs 2.37 lakh crore.
Even though the auto sector restricted a free fall in the stock market, traders faced deep distress due to the overall sharp dip. The overall negative market sentiment has triggered a meme fest on social media. Internet users had memes for every situation possible, from how the stock market works to how the traders must be feeling right now.
The meme fest wave was so strong that #Stockmarketcrash was trending on Twitter. Here are a few tweets that illustrate the mindset of the investors amid this crash.
The US short-seller firm Hindenburg Research accused the Adani Group of “brazen stock manipulation and accounting fraud scheme over the course of decades.” The analyst suggested this report as the reason behind this unfortunate dip in the stock market.
The Adani Group, in their statement against this accusation made by Hindenburg Research, has termed these reports as "baseless”. They also said that this report was released with "malicious" intent to tarnish the reputation of the Adani Group.