Rs 1 lakh cr club shrinks
Indian companies have lost significant value in market capitalisations since January 10 when the market started to slip.business Updated: Sep 21, 2008 20:33 IST
As the market continues to bleed, major Indian companies have lost significantly on market capitalisations and the prominent losers from the benchmark index at the Bombay stock exchange are DLF, ICICI Bank and Reliance Communications.
Indian companies have lost significant value in market capitalisations since January 10 when the market started to slip.
There has been a significant fall in the number of companies that command market capitalisation of more than Rs 1,00,000
crore. The number has reduced from 13 to five since January 10.
Out of the list of 30 companies listed in the benchmark index at Bombay Stock Exchange — Sensex, only four companies form a part of the elite club now, which earlier stood at 10.
The list includes two companies operating in oil sector that have been doing well on the back of rising oil prices —Reliance Industries and ONGC. The two others are — NTPC and Bharti Airtel. Out of the Sensex companies that held a market cap above the Rs one lakh crore, DLF has been the biggest loser with two thirds of its value lost.
ICICI Bank is the second biggest loser with a fall in value of 57 per cent. By comparison, its nearest rival in the private sector —HDFC Bank has lost only 15 per cent since then.
The third biggest loser is Reliance Communications, which has lost almost 55 per cent of its value. In comparison Bharti Airtel, its competitor in the same industry has lost only 21 per cent of its value.