Mukesh Ambani Faces ₹22,000 Crore Loss in 4 Days Amid Market Turmoil 🚨
In just four days, Mukesh Ambani, chairman of Reliance Industries, witnessed a sharp decline in his company’s valuation, losing ₹22,057.77 crore. This drop came during a turbulent week for the Indian stock market, which saw widespread losses among the nation’s leading firms. Despite the setback, Reliance Industries remains India's most valuable company, reflecting its strength even in challenging times.
📉 Market Snapshot
The Bombay Stock Exchange (BSE) Sensex plunged 1,906.01 points, a 2.39% drop over the week. This market downturn impacted several major corporations. Although the market was closed on Friday for Guru Nanak Jayanti, the damage had already been done earlier in the week.
🔥 Reliance Industries Hit Hard
Reliance Industries, with a market cap of ₹17,15,498.91 crore, saw a ₹22,057.77 crore dip in valuation. This decline underscores the volatility of markets, where even industry leaders face significant challenges during economic shifts.
💔 Other Major Companies Suffer Losses
Several top companies were not spared from the market slump:
1. HDFC Bank: Lost ₹34,984.51 crore, reducing its valuation to ₹7,17,584.07 crore.
2. State Bank of India (SBI): Valuation dropped by ₹34,984.51 crore, now at ₹7,17,584.07 crore.
3. Hindustan Unilever (HUL): Declined by ₹27,830.91 crore, ending the week at ₹5,61,329.10 crore.
4. ITC: Lost ₹15,449.47 crore, with a valuation of ₹5,82,764.02 crore.
5. Bharti Airtel: Suffered an ₹11,215.87 crore loss, bringing its market cap to ₹8,82,808.73 crore.
6. Life Insurance Corporation (LIC): Dropped ₹4,079.62 crore, standing at ₹5,74,499.54 crore.
7. ICICI Bank: Valuation decreased by ₹2,832.38 crore, now at ₹8,85,599.68 crore.
🌟 IT Giants Buck the Trend
Amid the widespread losses, two major IT companies managed to post gains:
Infosys: Added ₹13,681.37 crore, raising its market cap to ₹7,73,962.50 crore.