Mumbai: State-run ONGC on Tuesday slipped to the third position in terms of market valuation, below Reliance Industries and Coal India, after its shares tumbled over 4% on the Bombay Stock Exchange.
At close, Coal India (CIL) with a market capitalisation of Rs 2,36,832 crore pipped ONGC to become the second most valuable firm in the country.
Shares of ONGC slumped by 4.29% on BSE to close at Rs 263.15. The company’s market valuation stood at Rs 2,25,137 crore.
On the other hand, shares of Coal India surged by 1.53% on BSE to close at Rs 374.95, thereby increasing the market capitalisation of the company to Rs 2,36,832 crore.
RIL continued to be the most valuable company with a market valuation of Rs 2,55,871 crore.
On Monday, RIL regained its position as the country’s most valued firm by pushing ONGC to the second position, while Coal India was ranked third.
In the past few days, a veritable game of musical chairs has been played out between the country’s most-valued firms on the bourses.
On 17 August, state-run Coal India Ltd had dethroned RIL to become the country’s top-valued firm. Two days later, RIL briefly slipped to the third position in the valuation charts, below CIL and ONGC, only to reclaim the No. 2 position by the market close.
CIL’s stint at the top proved to be short-lived as RIL reclaimed the position within six days on 23 August.
A day later, on 24 August, CIL lost further ground and slipped to the third position in the valuation charts.