Indian futures market may have lost business worth Rs 8,00,000 crore (Rs 8,000 billion) due to ban in forward trading of eight commodities such as wheat, rice and pulses.
The average loss in four commodities chana, soyaoil, potato and rubber trading in which was banned earlier in May is around Rs 1,000 crore (Rs 10 billion) per day, Forward Markets Commission's chairman B C Khatua told PTI in an interview.
Besides, the loss in the case of four other commodities rice, wheat, urad and tur trading in which was banned in early last year could be around Rs 1,500 crore (Rs 15 billion) per day, he added.
This translates into a cumulative loss of around Rs 1,20,000 crore (Rs 1,200 bn) in the four commodities banned this year and an additional loss of over Rs 6,60,000 crore (Rs 6,600 billion) from the futures contracts banned in 2007, resulting in an estimated loss of Rs 8,00,000 crore.
"Overall, the market has lost somewhere around Rs 2,500- 3,000 crore (Rs 25-30 billion) per day because of ban in these agri-commodities," Khatua said.
The estimated loss figures are based on an average daily turnover of these commodities before trading was banned in them, he said.
The government had banned chana, soyaoil, potato and rubber in May for four months, which has subsequently been extended till November 30.
Khatua also said the extension of ban on four item would further affect the turnover on exchanges. He noted that Rs 1,000-crore per-day loss would be incurred in the next two-and-half months.
This translates into an estimated loss of about Rs 70,000 crore (Rs 700 billion) more with the extension of ban on four items till November.
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