The Ambani-led firm, Reliance, was the biggest loser among India’s top 10 most valued companies this week.
Indian billionaire Mukesh Ambani’s flagship firm, Reliance Industries, lost Rs 40,800.4 crore this week after its market cap declined by the same amount. The company’s valuation declined to Rs 19,30,339.56 crore on May 23. The share price of Reliance closed at Rs 1,426 on NSE on Friday. The Ambani-led firm was the biggest loser among India’s top 10 most valued companies this week, in line with weak trends in equities.
The fall came amid a broader weakness in the stock market. Overall, six of the top-10 most valuable firms saw their combined market capitalisation erode by Rs 78,166.08 crore. The BSE benchmark dropped 609.51 points or 0.74 per cent, and the Nifty declined 166.65 points or 0.66 per cent this week.
Despite the decline in mcap of Reliance, Ambani remains the richest man in Asia. His current net worth is USD 107.2 billion, as per Forbes. While Reliance Industries, TCS, ICICI Bank, State Bank of India, Infosys and Hindustan Unilever were the laggards, HDFC Bank, Bharti Airtel, Bajaj Finance and ITC were the gainers from the top-10 pack. Tata Consultancy Services’ valuation dropped by Rs 17,710.54 crore to Rs 12,71,395.95 crore.
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Reliance Industries remained the most valuable firm, followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Hindustan Unilever and ITC. The Indian stock markets ended the week on a subdued note, as investors grappled with global uncertainties and awaited key domestic developments. The benchmark indices witnessed volatility, with the Sensex and Nifty oscillating within a narrow range before closing marginally lower.