Market Downturn Hits Major Companies
Amid a downturn in the stock market, several leading Indian companies have experienced significant losses. Last week, eight out of the top 10 most valued firms collectively saw their market worth decline by Rs 1,65,180.04 crore.
SBI’s Significant Loss
The State Bank of India (SBI), India’s largest government bank, lost Rs 34,984 crore over just four trading days from November 11 to 14, after its shares fell by 4.62%. By the end of the week, SBI’s market valuation had dropped to Rs 7,17,584.07 crore, with its share price closing at Rs 805.95 on November 14.
Impact on Broader Market
The broader market was impacted as the BSE benchmark Sensex tumbled by 1,906.01 points or 2.39% throughout the week. Notably, the equity markets remained closed on Friday in observance of Guru Nanak Jayanti.
Reliance Industries’ Decline
Even Mukesh Ambani’s Reliance Industries, the most valued company in India, saw its market capitalization decline by Rs 22,057.77 crore, bringing it down to Rs 17,15,498.91 crore. Despite this drop, Reliance retained its position as the top-valued firm in the country.
Continued Decline on 18th Nov
Benchmark stock indices Sensex and Nifty continued their decline on Monday due to foreign fund outflows, selling in IT stocks, and weak leads from the US markets. The BSE Sensex dropped by 241.30 points or 0.31% to settle at 77,339.01, registering its fourth day of decline. The NSE Nifty dipped 78.90 points or 0.34% to 23,453.80, falling for the seventh day in a row.
