Reliance Industries of Mukesh Ambani is India's most valued firm. It is present in several sectors including retail, oil and others. The company of the richest man in Asia on Monday witnessed a huge wipeout in its market valuation after its share price dropped by Rs 102.65 or 3.42 per cent. The company's market cap eroded by Rs 70,195.32 crore in just 6.15 hours from 9.15 am to 3.30 pm (market timing) on Monday.
After the sharp decline in its share price, the company's share closed at Rs 2896 on NSE and its market cap reduced to Rs 19,58,500.25 crore. Despite this, Reliance still tops the list of most valued firms in India.
Following the extremely weak trend in equities, the bellwether stock dropped 3.46 per cent to settle at Rs 2,894.70 on the BSE. During the day, it tanked 4.42 per cent to Rs 2,865.80. The blue-chip stock contributed 307.18 points to the Sensex crash.
Overall, the stock markets crashed nearly 3 per cent on August 5 due to across-the-board selling in banking, IT, metal and oil & gas shares following a global equity rout, wiping out more than Rs 15 lakh crore of investor money in a single day. Sensex and Nifty had declined more than 1 per cent in the previous session on Friday. In two sessions to Monday, the key indices have corrected around 4 per cent.
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