Advertisement

HindustanTimes Tue,30 Sep 2014

Two Ambani groups lose Rs. 20,000 cr market value in a week

PTI  New Delhi, March 24, 2013
First Published: 11:43 IST(24/3/2013) | Last Updated: 11:46 IST(24/3/2013)

Amid an intense selling pressure in the stock market, the two Reliance groups headed by Mukesh and Anil Ambani have seen their respective market values skid by about Rs. 10,000 crore each in a week's time.

Advertisement

With two listed companies, the Mukesh Ambani-led Reliance Industries group saw its market capitalisation drop by about Rs. 10,700 crore to Rs. 2.63 lakh crore at the end of last week.

RIL 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.

On the other hand, the shares of all six listed entities of Anil Ambani-led 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 fall in most of the shares from the two groups was steeper than a three per cent dip in the market benchmark Sensex over the last week.

The six listed companies from the Reliance Group are Reliance Communications, Reliance Power, Reliance Infrastructure, Reliance Capital, Reliance MediaWorks and Reliance Broadcast Network Ltd.

Among these, Reliance Power saw the steepest decline of Rs. 3,395 crore in its market capitalisation, as the shares of the company tanked by about 16% and touched their lowest level of Rs. 61.05 on Friday.

The market value of RCom also plunged by Rs. 2,590 crore to Rs. 11,156 crore, with its share tumbling 18.84%.

Reliance Infrastructure's m-cap tanked by Rs. 2,113 crore, while Reliance Capital lost Rs. 1,440 crore of market worth.

The market-cap of Reliance Media fell by Rs. 49 crore, while that of Reliance Broadcast slipped Rs. 25 crore.

RBNL hit its one-year low on Thursday and Reliance MediaWorks touched its 52-week low on Friday.

Together, these companies have lost Rs. 9,612 crore in market valuation since March 15.

According to market analysts, investor sentiment has turned muted for these stocks, especially for those of Reliance Group.

"All the areas that the group stocks are into, be it power, telecom or infrastructure are facing challenges at present. Also, in the last 15-20 days, mid-cap stocks have been battered badly. The overall sluggish sentiment prevailing around these sectors are the ones which is causing damage," said Gajendra Nagpal, CEO of Unicon Financial Solutions.

Domestic equity market witnessed sluggish sentiment across the board last week amid a political uncertainty in the country and weak global sentiments.


Advertisement
more from Business

RBI keeps key interest rate unchanged

The Reserve Bank of India (RBI) kept rates on hold on Tuesday despite pressure from industry and government hopes that the central bank would lower borrowing costs to aid an incipient economic recovery.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved