Home / News / India /  Anand Mahindra, Uday Kotak discuss Meta's mega-market rout. Details here

Two industry titans – Kotak Mahindra Bank Chairman Uday Kotak and Mahindra & Mahindra Chairman Anand Mahindra – indulged in a Twitter chat on Mark Zuckerberg-led Meta's (earlier known as Facebook) mega-market rout of $240 billion in just one day.   

Talking about the biggest crash in Meta's stock, Uday Kotak said this highlights the “fragility and fickleness" of the current times. “Facebook Meta market value dropped ~$240 bn (18 lakh crores) in a day. That is more than the total value of India’s largest company. It highlights the fragility and fickleness of our times. Welcome to the never normal world!" Kotak said.

Reacting to his statement, Anand Mahindra, who is an active Twitter user, said he thinks “phygital" business models could be more stable in future. “Uday, I believe that apart from an environment of endemic volatility, it’s also a sign that, in the longer term, Phygital business models are more stable. An underlying anchor of ‘live’ interactions/transactions provides more durability," he tweeted.

The market crash of 24 per cent in Meta's stock marks the worst crash in the US's stock market history by any listed company. The worst performance in Facebook's share was seen after the company recorded poor quarterly financial earnings. As per Bloomberg news agency, Meta's market crash in one day is more than the total market value of about 470 S&P 500 companies.

Also read: Amazon poised for biggest ever market value gain after Facebook’s record loss

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