Bloodbath In Stock Market: Reliance Worst Hit, Loses To TCS; 90% Of Top 10 Firms Lose Rs 1.6 Lakh Cr
The share market is on a swing and Reliance Industries is the one to take the largest hit. The company has been impacted in a severe manner and lost as much as Rs. 1 lakh crore in the fall.
The company has been the ‘most valuable’ company of India, and in this downfall, has lost this tag as well.
All the companies together lost Rs. 1.60 lakh crores in the market evaluation of last week.
Another company has now risen to the top due to the downfall of Reliance Industries. Which is this company? Read on to know more!
9 of 10 Top Companies Lose Market Capital
A total of nine of the top ten A-listed companies in India have suffered a great loss in the share market fall. At the weekend on Friday, the stocks climbed down by 11 percent, and only one of the top ten companies saw a rise, whereas the rest suffered huge losses.
Tata Consultancy Services was the only company which gained a few positions and skipped right to the top of the list, unplacing Reliance Industries from its top position. The m-cap of Tata Consultancy Services added RsÂ 1,144.48 crore to its market value and became Rs 8,01,340.52 crore.
HDFC Bank’s market cap added Rs 19,634Â crore tobecome Rs 6,25,874.51 crore, but HDFC’s m-cap dropped Rs 13,573.5 crore to the final value of Rs 3,32,435.38 crore.
Reliance Industries Loses ‘Most Valuable’ Tag
Abhimanyu Sofat, head of research at IIFL said, “FIIs (foreign institutional investors) have turned negative in the market for the last few days. That has weighed on RIL as well.”
Adding to the blow of losing its topmost position, the market value of Mukesh Ambani led Reliance Industries went down from Rs 99,212.9 crore to Rs 7,92,680.96 crore. Initially, the company’s market value went up by 2 percent, however, it soon plummeted down by 0.4 percent at Rs 1,250.50.
Jefferies said, “With its priorities now different and segment Ebitda (earnings before interest, taxes, depreciation, and amortization) negative, Reliance has been retreating from US shale having already written off half of its $9.5 billion spend.”
Other Companies Lose M-Cap
As per reports, the m-cap of ICICI Bank fell down Rs 10,974.8Â crore to Rs 2,48,112.25 crore. The market value of ITC plummeted by Rs 7,232.6 crore to Rs 3,64,939.46 crore.
The m-cap of Kotak Mahindra Bank Ltd dwindled by Rs 4,409.41 crore to Rs 2,66,292.11 crore. Infosys decreased by Rs 3,364.07 crore to Rs 3,12,837.34 crore.
HUL’s m-cap was pulled down by Rs 1,233.88 crore to Rs 3,65,207.28 crore and that of SBI declined Rs 981.71 crore to Rs 2,74,922.66 crore.
Here’s the list of the new top ten companies after the changes in the market value:
- HDFC Bank
- Hindustan Unilever Limited (HUL)
- Kotak Mahindra Bank
- ICICI Bank