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By Malvika Gurung
Investing.com — Over the past 7 sessions, industry heavyweight conglomerates Reliance Group and Adani Group have shed their market capitalizations to a cumulative value of Rs 1.78 lakh crore.
Indian benchmark equity indices ended sharply lower on Thursday, extending losses to the 7th straight session, led by aggravated Russia-Ukraine tensions. Headline gauges and ended almost 5% lower each.
With today’s historic market slump, Sensex has corrected about 11% from its record high in Oct 2021, and Adani Group stocks have tanked 5.86% since Feb 15, 2022.
This has shaved off about Rs 66,328 crore of the FMCG-to-energy conglomerate’s market capitalisation in only 7 sessions.
Adani Enterprises (NS:) dragged the most, erasing Rs 21,600 crore off the Group’s valuation, followed by Adani Total Gas (NS:) and Adani Ports (NS:).
The oil-to-telecom conglomerate Reliance Group has tanked 6.78% over the last 7 sessions, losing Rs Rs 1.12 lakh crore of its market cap in the period.
According to a report curated by ET, most of the losses to Reliance’s m-cap were contributed by Reliance Industries (NS:) at about Rs 1.1 lakh crore, followed by Network 18 Media (NS:).
RIL shares plummeted 5% on Thursday, led by soaring oil prices due to the heightened Russia-Ukraine crisis.
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