Unabated selling over the last 10 trading sessions, thanks to the Reserve Bank of India's surprise 50-basis-point increase in rates and the prevailing global turmoil, involving fears of a double-dip recession in the US and an acute debt crisis in the euro zone, have taken a heavy toll on the markets.India Inc has lost Rs. 5,81,973 crore (Rs. 5,819.73 billion) in market capitalisation (m-cap) following an almost 10 per cent, or 1,881-point, drop in the Sensex since July 25.
From Rs. 68,35,915 crore (Rs. 68,359.15 billion) on July 25, corporate India's m-cap dropped to Rs. 62,53,942 crore (Rs. 62,539.42 billion) on Monday.
Among the business groups, Tatas top the losers' list, wiping out more than Rs. 50,000 crore (Rs. 500 billion) of investors' wealth in the past 10 trading days.
The aggregate m-cap of all listed Tata group companies has declined by Rs. 51,273 crore (Rs. 512.73 billion) to Rs. 3,98,554 crore (Rs. 3,985.54 billion), against Rs. 4,49,827 crore (Rs. 4,498.27 billion) on July 25.
The Mukesh Ambani-led Reliance group ranked second, with an m-cap loss of Rs 33,414 crore (Rs. 334.14 billion), while the Gautam Adani-promoted Adani group lost Rs 25,371 crore (Rs. 253.71 billion).
Anil
Agarwal's Vedanta Group saw an erosion of Rs. 23,343-crore (Rs. 233.43 billion) m-cap.
The O P Jindal group and the Anil Ambani-led Reliance ADA group saw dips of Rs. 17,545 crore (Rs. 175.45 billion) and Rs. 15,933 crore (Rs. 159.33 billion), respectively.
Among individual companies, Reliance Industries, the petrochemicals flagship of Mukesh Ambani, topped the losers' chart, with an m-cap erosion of Rs. 33,250 crore (Rs. 332.5 billion).
TCS stood second, wiping off Rs. 25,453 crore (Rs. 254.53 billion) in market capitalisation.
The other big m-cap losers were Infosys (Rs. 19,442 crore [Rs. 194.42 billion]), State Bank of India (Rs. 18,758 crore [Rs. 187.58 billion]) and Adani Enterprises (Rs. 16,079 crore) [Rs. 160.79 billion].
Of the 3,368 actively-traded stocks on the BSE, while the market price of 307 stocks declined by more than 20 per cent each, that of 1,189 stocks dipped between 10 per cent and 20 per cent.
Among sectors, banking and information technology were the worst hit, with their m-cap falling by over Rs. 75,000 crore (Rs. 750 billion) each.
Power, steel, refineries, trading, automobiles and non-ferrous metal companies reported value erosion between Rs. 20,000-Rs. 40,000 crore (Rs. 200-400 billion) each.
