BOTH AMABNI GROUP LOSE 20,000 CRORE MARKET VALUE IN PAST WEEK
In the midst of an intense selling pressure in the stock market, The two Reliance groups headed by Mukesh & Anil Ambani have seen their respective market values skid by about Rs 10,000 crore each in a week’s time.
By means of two listed companies, The Mukesh Ambani lead Reliance Industries group saw its market capitalization drop by about Rs 10,700 crore to Rs 2.63 lakh crore at the end of last week.
Reliance Industries Limited accounted for most of this loss, as the group’s other listed entity, Reliance Industrial Infrastructure Ltd, commands a total market value of less than Rs 500 crore.
Laying on the other hand, the shares of all six listed entities of Anil Amban lead Reliance Group came under selling pressure last week and saw their cumulative market value slump by Rs 9,600 crore to close to Rs 45,620 crore.
The plunge in most of the shares from the two groups was steeper than a 3% dip in the market benchmark Bombay Stock Exchange over the last week.
The six listed companies from the Reliance Group are Reliance Communications, Reliance Power, Reliance Infrastructure, Reliance Capital, Reliance Media Works & Reliance Broadcast Network Ltd.
Surrounded by these, Reliance Power saw the steepest decline of Rs 3,395 crore in its market capitalization, as the shares of the company tanked by about 16 per cent and touched their lowest level of Rs 61.05 on Friday.
The market value of Reliance Communication also plunged by Rs 2,590 crore to Rs 11,156 crore, with its share tumbling 18.84%.
The Reliance Infrastructure’s Mid-Cap tanked by Rs 2,113 crore, while Reliance Capital lost Rs 1,440 crore of market worth.
Reliance Media fell by Rs 49 crore, while that of Reliance Broadcast slipped Rs 25 crore.
Reliance Broadcast Network Limited hit its one-year low on Thursday and Reliance Media Works touched its 52-week low on Friday.
Mutually, both these companies have lost Rs 9,612 crore in market assessment since March 15.