From Riches to Glitches: Reliance Sees ₹40,800 Cr Dip in One Volatile Week

It has been a tough week for Mukesh Ambani following Reliance Industries being the biggest loser among India's top 10 most valued companies, shedding a staggering ₹40,800 crore in market cap. The decline, coincides with a broad weakness in the Indian market, which saw the Sensex fall by 609 points and the Nifty by 166 points over the week.

 

Reliance's loss triggered a wave of declines among blue-chip companies, with Tata Consultancy Services (TCS), Infosys, ICICI Bank, State Bank of India, and Hindustan Unilever too recording major falls in their valuations. Altogether, six of the top ten most valued Indian companies lost a total of ₹78,166 crore in market value this week.

 

Market analysts attribute the fall to global economic uncertainties, rising US bond yields, and foreign portfolio withdrawals, which have prompted investor caution in emerging markets like India. Despite the hiccup, Reliance Industries is India's most valuable company and recently posted strong quarterly profits, driven by its retail and telecom businesses.

 

Investors are watching closely to see how Ambani’s conglomerate navigates this period of volatility as global and domestic factors continue to shape market sentiment.

 

Source: DNA India