Shares in two S&P/ASX 200 Index (INDEXASX: XJO) in particular have crashed lower this week amid the market correction. The benchmark index had its worst day since the 2008 GFC falling 7.33% and shedding $137 billion in value.
So, what are these two ASX 200 shares that have crashed more than 50% lower since the start of January?
Corporate Travel Management Ltd (ASX: CTD)
The Corporate Travel share price fell 12.41% lower yesterday to a new 52-week low. That means the Aussie travel group's shares are now down 53.85% since the start of January as the second-worst performing ASX 200 share.
Concerns over the coronavirus outbreak have been the key factor in the share price crash. Since news of the outbreak started dominating headlines, a number of industries have been facing the possibility of an economic slowdown. That includes the travel industry, with Corporate Travel joined by the likes of Webjet Limited (ASX: WEB) and Qantas Airways Limited (ASX: QAN) on the ASX losers list.
The health epidemic has led to travel restrictions and general fear of contagion in the public. That means fewer bookings for the likes of Corporate Travel and its FY 2020 earnings are likely to take a serious hit.
Oil Search Limited (ASX: OSH)
Oil Search Limited (ASX: OSH) is currently the worst-performing ASX 200 share on the market. That comes after a whopping 35.17% plummet in the Oil Search share price on Monday. Where the coronavirus kicked things off, a 30% drop in oil prices has continued the market turmoil. OPEC, Saudi Arabia and Russia are at odds over how to deal with the ongoing COVID-19 crisis.
Saudi Arabia had been pushing for supply cuts to keep prices high but Russia wasn't budging. In response, Saudi Aramco slashed its crude oil pricing by 30 per cent and spooked markets. Oil Search was just one of many ASX 200 shares to be hit with double-digit losses yesterday alongside Woodside Petroleum Limited (ASX: WPL) and Santos Ltd (ASX: STO).
Are there any ASX 200 shares worth buying?
All but three ASX 200 constituent shares finished Monday in the red on a disappointing day. However, it may not be the wisest move to panic-sell your investments at 52-week lows. I'm personally trusting my diversified portfolio to see me through the turbulent markets and deliver strong long-term returns.
