Reliance Industries Chairman, Mukesh Ambani, has also witnessed a decline in his personal wealth owing to the underwhelming performance of his companies, but remains the richest person in India as well as in Asia, with a real-time net worth of $100.7 billion.
In a major blow to the Indian market, six of the top 10 most valued companies witnessed a massive slump in their market capitalization, losing a whopping 1.55 lakh crore in a single week, with billionaire Mukesh Ambani-led Reliance Industries emerging as the biggest laggard, its market valuation tanking by Rs 74,563.37 crore, while Tata Consultancy Services emerged as the biggest gainer with Rs 57,744.68 crore.
The erosion in market cap of top Indian firms was seen in line with an overall weak trend in equities as BSE benchmark declined 237.8 points, or 0.29 percent, last week.
According to market data, Reliance Industries, Bharti Airtel, ICICI Bank, ITC, Hindustan Unilever and Life Insurance Corporation of India (LIC) witnessed an erosion in their market valuation, while Tata Consultancy Services (TCS), HDFC Bank, Infosys, and the State Bank of India, emerged as gainers.
Biggest losers
- Reliance Industries lost 74,563.37 crore to Rs 17,37,556.68 crore.
- Airtel slumped Rs 26,274.75 crore to Rs 8,94,024.60 crore.
- ICICI Bank tanked 22,254.79 crore to ₹8,88,432.06 crore.
- ITC fell Rs 15,449.47 crore to Rs 5,98,213.49 crore.
- LIC lost Rs 9,930.25 crore to Rs 5,78,579.16 crore.
- Hindustan Unilever declined Rs 7,248.49 crore to Rs 5,89,160.01 crore.
Biggest gainers
- TCS jumped Rs 57,744.68 crore to Rs 14,99,697.28 crore.
- Infosys soared Rs 28,838.95 crore to Rs 7,60,281.13 crore.
- SBI climbed Rs 19,812.65 crore to Rs 7,52,568.58 crore.
- HDFC Bank gained Rs 14,678.09 crore to Rs 13,40,754.74 crore.
However, despite emerging as the biggest laggard, Reliance Industries retained the coveted title of country’s most-valued firm, followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, ITC, Hindustan Unilever, and LIC.
Mukesh Ambani net worth
Reliance Industries Chairman, Mukesh Ambani, has also witnessed a decline in his personal wealth owing to the underwhelming performance of his companies, but remains the richest person in India as well as in Asia, with a real-time net worth of $100.7 billion, according to Forbes Realtime Billionaires List.
Ambani, who was once placed 11th on the global rich list, has now dropped to the 17th place on the Bloomberg Billionaires Index, due to a steady decline in wealth, and now bears the risk of losing his place in the coveted $100 billion club if the trend continues.
(With PTI inputs)