The Indian stock markets had on Monday plunged to an unprecedented low in the past 17 months as the Coronavirus has become a global pandemic by threatening the people and panicking the global economy and along with that, the crude oil price has also hit the lowest in the 29 years. 

According to Reuters, the National Stock Exchange's Nifty was down at 6.08% at 10,320.60 points whereas Bombay Stock Exchange's Sensex had stooped low by 6.25% to 35,234 points. The Nifty has hit its lowest points since October 2018 as only three companies of the total 50 in the trading index have been trading higher.

The sudden plummeting of the markets had largely contributed to the decline of shares of Reliance Industries as India's biggest company by market capitalization has accounted with 13.68% decrease to its shares and it has been recorded as the worst percentage fall since October 2012 and the company has largely been affected after the crude oil price was decreased at the global stage. 

The more decrease in the share, the larger it could affect the company and the sudden decline of Reliance's shares had presented a major loss for Mukesh Ambani, who is Asia's richest man and the chairman and the managing director of Reliance Industries Limited (RIL). He is also the largest shareholder in RIL. According to the reports, the share value of RIL has decreased up to Rs 1,095 per share and the drastic decline in the share value was the first time in the last eleven years and as the results of plunging share value, it was estimated that Mukesh Ambani could have lost Rs 40,000 crore from his net worth as of Monday afternoon. Ambani is worth $41.8 billion and this decrease has accounted for 12.40% loss in his assets.

The deadliest epidemic had resulted in a decrease in oil prices as the global demand for the oil has been hitting low due to the indefinite closures of the companies, factories, and all the channels of transports. The oil prices fell more than 25% and the current stooping low of the prices would be the biggest one-day decline in 29 years and the decision of decreasing the price had contributed by Saudi Arabia, one of the leading crude oil producers in the world.

The COVID19 outbreak and the decline in the oil prices had paralyzed the global markets by causing unprecedented damage by leaving no idea of when the markets will soar high. As on Monday, the coronavirus has directly affected over 1,07,000 people across the globe and had killed more than 3,300 lives and cracked down the economic corridors.