Broadcom leads meltdown as its shares wipe off ₹27.27 lakh cr over below-expectation chip sales

Broadcom shares crashed 13% as the company said it expects chip sales in July-September to be $16 billion, falling short of $17.2 billion estimates. The stock crash wiped off about $285 billion (₹27.27 lakh crore) from investor wealth in a day. It also caused a meltdown in US' chip sector, hitting Micron (-6%), Marvell (-5%), AMD (-5%) and Intel (-2%).