Reliance Industries, led by Mukesh Ambani, is India's most valuation company. The company has a presence in several sectors, including oil, gas, FMCG and more. However, on Thursday, the company's shares slumped nearly 4 per cent, wiping out Rs 77,606.98 crore from its market valuation. This comes amid mayhem at Dalal Street due to rising conflict in the Middle East and unabated foreign fund outflows. The company's market valuation has now reached Rs 19,04,762.79 crore, as of October 3.
The bellwether stock declined 3.91 per cent to settle at Rs 2,815.25 on the BSE. During the day, it tumbled 5.28 per cent to Rs 2,775. At the NSE, it dropped 3.94 per cent to Rs 2,813.95. The stock was the major contributor in markets' fall on Thursday. Despite the massive drop in Reliance's market cap, the billionaire still has Rs 930836 crore of net worth, as per Forbes. He is still the richest person in India and Asia.
Shares of the firm have been on a downtrend for the third day running, falling 7.76 per cent. The BSE Sensex tumbled 1,769.19 points or 2.10 per cent to settle at 82,497.10. During the day, it plummeted 1,832.27 points or 2.17 per cent to 82,434.02. The NSE Nifty slumped 546.80 points or 2.12 per cent to 25,250.10.
(With inputs from PTI)
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