Mukesh Ambani heads India's most valued firm, Reliance. He is the richest man in Asia with a real-time net worth of Rs 950300 crore, as per Forbes. His Reliance has a presence in several sectors including retail, oil and telecom and continues to grow. However, the firm last week suffered a major decline in its market cap. Reliance Industries saw its market value plummet by Rs 33,930.56 crore, bringing its total capitalization to Rs 19,94,765.01 crore.
This comes in line with a weak trend in equities. Reliance Industries and Life Insurance Corporation of India (LIC) emerging as the biggest laggards. LIC's valuation fell by Rs 30,676.24 crore, settling at Rs 7,17,001.74 crore. Moreover, The combined market valuation of eight of the top-10 most valued firms eroded by Rs 1,66,954.07 crore last week.
Even on Monday (August 12), Reliance Industries lost Rs 17,321.39 crore, bringing its market capitalisation to Rs 19,77,000 crore. Its share closed at Rs 2,923 on NSE. Reliance and Ratan Tata's Tata Consultancy Services (TCS) emerged as the biggest losers on August 12. Despite this, Reliance Industries continues to remain the most valued firm in India followed by TCS, HDFC Bank, Bharti Airtel Ltd., ICICI Bank Ltd.
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