The market capitalisation closed at Sh2.453 trillion compared to Sh2.546 trillion on Wednesday, with Safaricom, East Africa Breweries Limited (EABL) and the big banks leading in shedding value in the wake of the sell-off.
The blue-chip stocks are a favourite of foreign investors who in recent days have been selling shares at the NSE, pushing the value of the bourse to a seven-month low.
The fall in share value was the steepest in a single trading day since March 2020, when the Covid-19 pandemic first hit Kenya.
A major risk event like the Russia-Ukraine war usually sees investors rushing back to bonds and the safest assets in what could hurt the flow of foreign investors to the NSE.