Shareholders of the top three most valued Indian companies- Reliance Industries Ltd (RIL), Tata Consultancy Services Ltd (TCS) and HDFC Bank Ltd lost more than Rs 3.36 lakh from their kitty as their market capitalization of these companies dropped in similar fashion amid the market carnage.
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On an individual basis, Reliance Industries tumbled 10 per cent, hitting the first lower circuit for the day, to Rs 2,719.15 compared to its close to Rs 3,021.25 on Monday. The total marketcap of the company dropped more than Rs 2.04 lakh crore to Rs 18.39 lakh crore from Rs 20.44 lakh crore a day ago.
The second most valued Indian company and IT major TCS tumbled more than 3 per cent to Rs 3,593.30 over its close at Rs 3,707.35 in the previous session. The company lost more than 41,264 crore in its mcap to Rs 13 lakh crore for the day.
HDFC Bank declined more than 7.5 per cent for the day. The largest lender in the country dropped at Rs 1,452.85 from Rs 1,572.1 in the previous trading session. The total market capitalization of HDFC Bank dropped more than 90,593 crore to Rs 11.03 lakh crore for the day.
The markets saw a strong selling pressure in the markets as NDA struggled to get a clear majority in the general elections 2024. The BSE’s barometer Sensex dropped more than 6,000 points for the day to barely hold 70,000 mark before making a marginal recovery. NSE’s Nifty50 also plunged about 1,900 points to fall below 21,300-mark during the day.
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Domestic stocks cracked sharply in Tuesday’s trade as the vote-counting trends showed Prime Minister Narendra Modi’s BJP-led alliance was unlikely to win a majority as shown by the exit polls. BJP, on its own, was falling short of the 250 seat mark in the Lok Sabha elections.
