Last week, Mukesh Ambani, the chairman and owner of Reliance Industries, took a heavy financial hit, as his company's market valuation dropped by a staggering âš22,000 crore (âš22,057.77 crore). This massive loss came amid a broader downturn in the Indian stock market, which affected several of the countryâs top companies. Despite this setback, Reliance remains the most valuable company in India, showcasing resilience in tough times. đźđ
đ The Market Overview: The Bombay Stock Exchange (BSE) Sensex tumbled by 1,906.01 points, or 2.39%, over the week. This dip in the market had a domino effect on several big corporations. Notably, the stock market was closed on Friday due to the Guru Nanak Jayanti holiday, but the damage had already been done earlier in the week. đŚđ
đĽ Reliance Industries Faces Major Losses:
Reliance Industries, India's most valuable company by market capitalization, saw its valuation plummet by âš22,057.77 crore. Despite the significant loss, Reliance continues to hold the top spot in terms of market cap, standing at âš17,15,498.91 crore. The drop in value highlights the volatility of stock markets and the challenges even the biggest companies face during uncertain times. đŞđ
Click here to get the best latest news đđđťđ Other Companies Hit Hard:
1. HDFC Bank â This banking giant lost âš34,984.51 crore, bringing its market valuation down to âš7,17,584.07 crore. đŚđ¸
2. State Bank of India (SBI) â Indiaâs largest public sector bank saw a similar fall, with its valuation dropping by âš34,984.51 crore to âš7,17,584.07 crore. đď¸đ
3. Hindustan Unilever (HUL) â The FMCG giant saw its market cap decline by âš27,830.91 crore, dropping to âš5,61,329.10 crore. đđ
4. ITC â Known for its FMCG products and tobacco, ITC's market cap fell by âš15,449.47 crore, ending the week at âš5,82,764.02 crore. đŞđ
5. Bharti Airtel â Indiaâs leading telecom company, Bharti Airtel, lost âš11,215.87 crore, bringing its market value down to âš8,82,808.73 crore. đąđĽ
6. Life Insurance Corporation (LIC) â Indiaâs largest life insurer saw a drop of âš4,079.62 crore, reducing its valuation to âš5,74,499.54 crore. đĄď¸đ
7. ICICI Bank â This private sector bank's market cap shrank by âš2,832.38 crore, bringing it to âš8,85,599.68 crore. đłđ
đ Positive Outliers: Infosys and TCS: In contrast to the broader market decline, two major IT giants managed to buck the trend and posted gains:
đš - Infosys â The IT services leader saw a rise of âš13,681.37 crore in its market valuation, pushing it to âš7,73,962.50 crore. đťđ
đš- Tata Consultancy Services (TCS) â Though the gain was modest, TCS still saw a slight increase of âš416.08 crore, bringing its market cap to âš15,00,113.36 crore. đźđ
đĽ Top 10 Most Valuable Companies in India (Post-Losses):
Despite the overall market slide, these companies continue to dominate in terms of market capitalization:
1. Reliance Industries â âš17,15,498.91 crore
2. Tata Consultancy Services (TCS) â âš15,00,113.36 crore
3. HDFC Bank â âš7,17,584.07 crore
4. ICICI Bank â âš8,85,599.68 crore
5. Bharti Airtel â âš8,82,808.73 crore
6. Infosys â âš7,73,962.50 crore
7. State Bank of India (SBI) â âš7,17,584.07 crore
8. ITC â âš5,82,764.02 crore
9. Life Insurance Corporation (LIC) â âš5,74,499.54 crore
10. Hindustan Unilever â âš5,61,329.10 crore
đ Why the Market Fell:
Several factors contributed to the sharp market decline, including:
đš- Global Economic Uncertainty: Ongoing concerns about inflation, interest rate hikes, and global recession fears impacted investor sentiment. đđ¸
đš- Domestic Issues: In India, inflationary pressures, corporate earnings slowdowns, and concerns about consumer demand led to the market downturn. đŽđłđ
đšSector Volatility: Key sectors like banking, FMCG, and telecom were hit hardest, contributing to overall market losses. đđ
đŽ Conclusion:
Even with the significant losses, companies like Reliance Industries and Infosys show the resilience of India's corporate giants. While the short-term outlook may appear challenging, the long-term fundamentals of India's economy and corporate growth remain strong. The stock market correction could present an opportunity for investors to reassess their portfolios and consider undervalued stocks. đđź Mukesh ambani reliance continues to lead, proving that despite market fluctuations, the companyâs dominance and strength endure. đđŞ
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