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Amid 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.
With two listed companies, the Mukesh Ambani-led Reliance Industries 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 at 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 benchmark Sensex.
The six listed companies from Anil Ambani-led 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 company shares tanked by about 16 per cent 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 per cent. Reliance Infrastructure’s m-cap tanked by Rs 2,113 crore, while Reliance Capital lost Rs 1,440 crore of market value.
The m-cap of Reliance Media fell by Rs 49 crore, while that of Reliance Broadcast Network slipped Rs 25 crore. RBNL had hit its one-year low on Thursday and Reliance MediaWorks had 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 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.
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