Mukesh Ambani loses Rs 1320000000000 in just 96 hours due to…
It came as a major financial setback for Mukesh Ambani after his company lost Rs 1320000000000 in just four days. The company recorded a sharp plunge in the stock price of Reliance Industries Limited.
The Indian stock market noted a turmoil this week as the Sensex slipped to 703.95 points, or 0.85 per cent, to settle at 81,793.16, while the Nifty fell by 200.25 points or 0.79 per cent, closing at 25,049.85 on Friday.
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Market experts observed that tension in the Middle East, rising oil prices, and opening of China’s economy with its easing rate policies, has diverted foreign institutional investors towards Chinese markets.
Over the past five trading sessions, Indian stock markets have experienced a major drop in investor wealth, with approximately Rs 13 lakh crore being wiped out, according to Bombay Stock Exchange (BSE) data.
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On October 1, Reliance Industries market cap plummeted by Rs 21000 crore and the company’s shares were down by 2 percent. Similar trends were observed on October 3 when the company saw a downturn and the share fell by 3 percent that led to a loss of Rs 77,000 crore in a single day.
On October 4, the company’s shares closed at 2,771.50 and reflected a decline of 1.51%. It brought down the market cap by Rs 34000 crore. In total, the company noted a total loss of Rs 1.32 lakh crore over the last four days.
Source: India.com