Day of big losses for Sensex darlings
India’s great money-spinners like RIL, RCOM, NTPC and ONGC lose 11,91,541 crore on a disastrous Monday, reports Suprotip Ghosh.business Updated: Jan 21, 2008 20:45 IST
India’s great money-spinners lost 11,91,541 crore in on a day that saw the bellwether Bombay Stock Exchange (BSE) Sensex swing 1,700-odd points since it opened at 18919.57.
The market capitalisation, an indicator of investor holdings in a company, went down by Rs 11,91,541 crore for the worst losers on the Sensex, that include blue-chip stocks on the index.
Reliance Industries, National Thermal Power Corporation (NTPC), Oil and Natural Gas Corporation (ONGC), and Reliance Communications (RCOM) were the worst hit.
Mukesh Ambani’s Reliance Industries lost Rs 3,71,116 crore in the course of the day, while brother Anil’s Reliance Communications and Reliance Energy lost Rs 1,84,110.75 crore and Rs 82,303.02 crore, respectively. This drop in three Reliance pack stocks account for Rs 6,37,529 crore in investor wealth alone.
Other heavyweights ONGC, State Bank of India (SBI) and Bharti Airtel also left investors notionally poorer. ONGC lost Rs 2.04 lakh crore in investor wealth, while State Bank of India and Bharti left shareholders poorer by Rs 88,497 crore and Rs 86,638.25 crore, respectively, according to Bloomberg data.
Incidentally, the losers’ pack include the biggest wealth creators on the Bombay Stock Exchange. Energy stocks such as Reliance Industries and ONGC, real estate and engineering stocks, including DLF and Bharat Heavy Electricals Ltd, and banking stocks like State Bank of India are benchmark for most of the sub-indices that follow individual industry groups.