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Reliance Faces Erosion Of 10 Lakh Crore In Market Cap
By: Tupaki Desk | 9 March 2020 12:40 PM GMT
Following the steep fall in the crude prices, the Reliance Industries got restricted to the second slot while the Tata Consultancy Services(TCS) emerged as the most valued firm when it comes to market capitalization.
However, the top place couldnt help the stock price of the TCS. The TCS was trading at 5.52 percent down with Rs 2,000.90 on the BSE, holding a market capitalisation of Rs 7,50,814.66 crore.
The Reliance Industries which is often regarded as the oil-to-retail giant, the first firm to reach Rs 10 lakh crore in the market capitalisation has witnessed the erosion of humongous Rs 2.7 lakh crore in the market.
The stock was quoting at Rs 1,151.55, down Rs 118.50, or 9.33 percent, with a market cap of Rs 7,29,998.35 crore, as a fall in oil prices impacts its earnings.
Brent crude futures traded at $32.88 a barrel, down 27.37 percent or $12.39, the biggest percentage fall since January 27, 1991, the period of first Gulf War. It was trading at the lowest since February 12, 2016.
The rising fear of the deadly coronavirus has shown a deadly impact on the oil price war. The BSE Sensex saw a dip by 1,598.97 points or 4.26 percent to 35,977.65 and the Nifty50 also saw a down by 443.90 points or 4.04 percent to 10,545.60, while the Asian firms saw a down between 2.5-7.3 percent.
However, the top place couldnt help the stock price of the TCS. The TCS was trading at 5.52 percent down with Rs 2,000.90 on the BSE, holding a market capitalisation of Rs 7,50,814.66 crore.
The Reliance Industries which is often regarded as the oil-to-retail giant, the first firm to reach Rs 10 lakh crore in the market capitalisation has witnessed the erosion of humongous Rs 2.7 lakh crore in the market.
The stock was quoting at Rs 1,151.55, down Rs 118.50, or 9.33 percent, with a market cap of Rs 7,29,998.35 crore, as a fall in oil prices impacts its earnings.
Brent crude futures traded at $32.88 a barrel, down 27.37 percent or $12.39, the biggest percentage fall since January 27, 1991, the period of first Gulf War. It was trading at the lowest since February 12, 2016.
The rising fear of the deadly coronavirus has shown a deadly impact on the oil price war. The BSE Sensex saw a dip by 1,598.97 points or 4.26 percent to 35,977.65 and the Nifty50 also saw a down by 443.90 points or 4.04 percent to 10,545.60, while the Asian firms saw a down between 2.5-7.3 percent.
