The coronavirus outbreak has wreaked havoc across the globe, with more than 90,000 people infected and upwards of 3,000 fatalities. So far 28 cases of coronavirus have been recorded in India, raising concerns about its impact on various sectors of the industry. The tourism industry in particular has come to a standstill.

Share Market Live

NSE

McKinsey in a report on coronavirus noted that the consumer confidence will dampen through Q2 and potentially Q3 as well. "Impact and recovery differ by sector — e.g., aviation, tourism, hospitality sectors will take longer to rebound than consumer goods", the report added.

While India has ramped up its security process at every major airport, leisure and business travel — both incoming and outgoing — have taken a big hit.

Airlines, hotels, railways, multiplexes and other industries are under huge pressure due to the fast-spreading contagious virus.

Stocks of IRCTC, LemonTree Hotels, SpiceJet and Indian Hotels plunged 7-10 percent during trade on Wednesday. Further, IndiGo parent InterGlobe Aviation, PVR and Chalet Hotels fell up to 5 percent.

On a year-to-date basis, SpiceJet has plunged 17 percent, while IRCTC, LemonTree Hotels and PVR have slipped up to 14 percent. Meanwhile, InterGlobe Aviation and Indian Hotels have declined 9 percent and 7 percent respectively.

Travel agency Yatra.com said that it anticipates a drop of about 20-25 percent in future bookings for South East Asia and Italy, two of the worst-affected regions by coronavirus.

"Travellers at this point are wary of making fresh bookings to the affected locations and airfares to affected destinations has dropped by 20-30 percent already", the agency said in a statement.

Further, the Union government recently imposed export restrictions on certain essential active pharmaceutical ingredients (APIs) as concerns grow over shortages of medicines, with many manufacturers in China shut. Pharma stocks on Wednesday rallied as a consequence of the export restriction.

Cipla, Dr Reddy's Laboratories and Sun Pharma gained up to 4 percent during trading on Wednesday.