Investors' wealth tumbled Rs 4.48 lakh crore during day trade on Friday with the BSE benchmark plummeting 1,488 points tracking weak global trends.

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The 30-share benchmark index tumbled 1,488.01 points during the day to 57,307.08.

The market capitalization of BSE-listed tanked Rs 4,48,223.31 crore to Rs 2,61,18,730.57 crore during the day.

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"Equity markets have plunged almost 2 per cent amid the emergence of a new, highly mutated COVID-19 variant. The EU announced a temporary ban of flights from South Africa and few EU countries are already under full lockdown scenario.

"Thus, there is fear of this new variant spreading to other countries which might again derail the global economy," said Hemang Jani, Head of Equity Strategy & Senior Group VP, Broking & Distribution, Motilal Oswal Financial Services.

Tata Steel, HDFC, IndusInd Bank and Maruti were the biggest laggards, tanking up to 4.2 per cent.

The BSE midcap and smallcap indices were trading up to 2 per cent lower.