KARACHI - Local business community is suffering an estimated total loss of more than Rs 50 billion a day due to the ongoing chaos and anarchy in the City and 84 departmental stores and 550 markets have reached the brink of closure, sources said here on Thursday. Talking to The Nation, Chairman Karachi Traders Action Committee said that fast-deteriorating law and order situation last week totally paralysed business activities in the City and at least 10% shops had reached the verge of closure. He further said that at Tariq Road, one of the biggest shopping markets in the metropolis where nearly 10,326 shops, 42 big shopping plazas and 45 bazaars were generating Rs 300million daily, the business was reduced to merely 5 per cent during the last week. He demanded the government to provide proper security to the shopkeepers and take immediate and effective measures to restore law and order situation in the City. Mehmood Hussain, a trader at the central mobile market, said that shopkeepers were facing huge problems and hardships due to the fresh violence causing them huge financial losses. He said that due to the growing law and order in Karachi, many shopkeepers were compelled to shut down their business. He said that most of the affectees included traders had to pay the rent for their shops because low earning forced them to bear extra fiscal loss. Rizwan, another shopkeeper at Jamia Cloth Market, said the market was presenting a deserted look as the customers remained confined to their homes due to bloody incidents of violence. As a result, the business at the Jamia Cloth Market has been also badly affected, he added. The most affected markets included Juria Bazaar, Merit Road, Kapra Market and Liaqatabad Super Market besides other wholesale and retail markets. Moreover, new letter of credits have also not been opened because the stuff shopkeepers had borrowed has not been still paid for. A representative of the Juria Bazaar Traders Association said that traders were compelled to sell their stuff in loss. The business associations have demanded the government to immediately restore maintain law and order situation. They also demanded the blocking of SMS service which play key role in spreading rumours and harassment.