Reliance Industries chairman Mukesh Ambani has suffered a blow as his company witnessed a major loss in valuation last week. Reliance, India's most valued firm, lost Rs 74,563.37 crore to Rs 17,37,556.68 crore last week (5 days).
It emerged as the biggest laggard, in line with an overall weak trend in equities. Shares of Reliance declined to Rs 1,280 on Friday. In 5 days from November 4 to November 8, it fell by 2 per cent. Despite the decline in crores, Ambani is still the richest man in India and Asia with a real-time net worth of USD 100.7 billion or Rs 849738 crore, as of November 10. Moreover, the combined market valuation of six of the top-10 most-valued firms eroded Rs 1,55,721.12 crore last week. The BSE benchmark declined 237.8 points, or 0.29 per cent last week.
While Reliance Industries, Bharti Airtel, ICICI Bank, ITC, Hindustan Unilever and Life Insurance Corporation of India (LIC) suffered erosion in their market valuation, Tata Consultancy Services (TCS), HDFC Bank, Infosys, and the State Bank of India were the gainers. Reliance Industries remained the country's most-valued firm, followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, ITC, Hindustan Unilever, and LIC.
(With inputs from PTI)
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