BackRIL’s m-cap falls below ₹3 lac cr to ₹2.8 lac cr past week
RIL’s m-cap falls below ₹3 lac cr to ₹2.8 lac cr past week
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Mumbai: The market capitalisation (m-cap) of corporate leader Reliance Industries has fallen sharply by ₹ 24,750 crore during the past week to ₹ 2,84,297.66 crore, following the CAG report which said the oil ministry and DGH have allegedly favoured the company.
With this, the market cap of RIL has slipped below the ₹ 3 lakh crore mark. Shares of the company also took a hit and tumbled by 8 per cent to ₹ 868.40 at the end of last week.
The bellwether stock has come under pressure after a recent report by the Comptroller and Auditor General (CAG) said the Oil Ministry and its technical arm, the DGH, allegedly favoured RIL by allowing it to double the development cost of its landmark KG-D6 gas field.
However, the company has denied any wrongdoing.
The country’s second most valued firm Coal India has also witnessed a loss of ₹ 6,411.1 crore from its m-cap which stood at ₹ 2,48,927.75 crore.
Oil & gas major ONGC’s valuation also dropped by ₹ 1,539.99 crore to ₹ 2,26,805.77 crore.
IT majors, TCS and Infosys Technologies, together shed ₹ 20,876.16 crore from their combined valuations. The m-cap of TCS stood at ₹ 2,17,347.06 crore, while that of Infosys was at ₹ 1,58,715.26 crore.
IT companies were hit by the weak economic data in the US and continuous sovereign debt crisis in Europe. The US and Europe are the two key markets for the Indian IT companies.
Top lender SBI also saw its valuation declining by ₹ 2,022.44 crore to ₹ 1,40,402.64 crore, while ICICI Bank’s m-cap diminished by ₹ 403.2 crore to ₹ 1,18,824.07 crore.
In contrast, ITC, NTPC and Bharti airtel saw gains in their respective m-cap.
FMCG giant ITC added ₹ 154.76 crore to take its valuation to ₹ 1,48,455.45 crore, while power producer NTPC’s m-cap swelled by ₹ 2,143.82 crore to ₹ 1,47,346.37 crore.
Telecom player Bharti airtel’s m-cap advanced by ₹ 2,449.4 crore to ₹ 1,44,438.67 crore.
Meanwhile, the BSE benchmark Sensex fell by 2.17%, or 398.01 points, to end the week at 17,870.53.
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