Synopsis
On March 3, Reliance Group companies experienced a staggering drop in market capitalisation, losing over Rs 40,000 crore in one day. This decline affected all shares within the group, contributing to a broader market weakness.Key Takeaways
- Reliance Group lost more than Rs 40,000 crore in market cap.
- Sterling & Wilson was the biggest loser among the companies.
- Reliance Industries saw a significant drop in shares.
- The decline follows a previous losing streak.
- Market indices ended the day almost flat amid mixed signals.
Mumbai, March 3 (NationPress) The shares of Reliance Group companies faced a notable downturn on Monday, resulting in a loss of over Rs 40,000 crore from their market capitalisation.
The overall market capitalisation of these firms decreased by Rs 40,511.91 crore, lowering it to Rs 17.46 lakh crore.
This steep drop was part of a larger trend of market weakness, with every stock within the group showing declines.
Sterling & Wilson Renewable Energy Limited was at the forefront of the decline, closely followed by Just Dial Limited and Balaji Telefilms Limited, which ranked among the most significant losers.
Reliance Industries Limited, the flagship entity of the Reliance Group, was the third largest loser within the Nifty 50.
The company played a major role in the downturn of the Nifty index and holds the position as the second largest weight stock in this benchmark index.
The market capitalisation of Reliance Industries dropped by Rs 35,319.49 crore, falling to Rs 15.89 lakh crore.
This marks the second consecutive day of declines for the company, following a three-day losing streak earlier in the week, not counting Thursday’s trading session.
Reliance Industries shares concluded at Rs 1,174, down by Rs 26.10 or 2.17 percent.
Other significant losses were noted for Just Dial, which reported a drop of Rs 54, or 6.43 percent, finishing at Rs 786.25.
Shares of Sterling & Wilson Renewable Energy fell by Rs 15.65, or 6.13 percent, closing at Rs 239.80.
Jio Finance also witnessed a decline, with shares decreasing by Rs 6.31, or 3.04 percent, to end at Rs 201.30.
Balaji Telefilms Limited closed at Rs 50.74, down by Rs 2.67 or 5 percent, while Alok Industries Limited experienced a decline of Rs 0.51, or 3.32 percent, with shares closing at Rs 14.85.
In the meantime, the domestic equity indices wrapped up the intra-day trading session nearly flat on Monday amidst a volatile trading environment influenced by mixed global signals.
Initially, both indices were performing positively, but the momentum swiftly transitioned to a downward trend.
