Mukesh Ambani is the richest man in India and runs India's most valuation firm, Reliance Industries. He has a whopping net worth of USD 102.4 billion, as per Forbes. His Reliance has been expanding its business into several sectors including telecom, retail and more. However, the company saw a major drop in its shares on Monday. The shares of the company declined by 3 per cent to Rs 1,298.50 on November 4 due to heavy selling.
The company's market valuation eroded Rs 50,205.1 crore to Rs 17,61,914.95 crore. Benchmark Sensex tanked nearly 942 points to settle at a three-month low while Nifty tumbled more than 1 per cent to close below 24,000 on Monday dragged down by heavy selling in Reliance Industries and banking shares.
The 30-share BSE Sensex tumbled 941.88 points or 1.18 per cent to settle at 78,782.24, the lowest closing level since August 6. During the day, it slumped 1,491.52 points or 1.87 per cent to 78,232.60. The NSE Nifty tanked 309 points or 1.27 per cent to 23,995.35.
READ | This bank's UPI services will NOT work for two days in November due to...; check details
Why stock market crashed on November 4
Uncertainty ahead of US presidential elections on November 5 and expectations of a fresh stimulus package by China to prop up growth triggered selling in Indian stocks, analysts said. Relentless selling by foreign investors also dampened the sentiments in the equity market.
From the 30-share Sensex pack, Adani Ports, Reliance Industries, Sun Pharma, Bajaj Finserv, NTPC, Tata Motors, Axis Bank and Titan were among the major laggards. Mahindra & Mahindra, Tech Mahindra, State Bank of India, HCL Technologies, Infosys and IndusInd Bank were the gainers.
(With inputs from PTI)
