Reliance Industries’ stock tanks 23 pc from its July high
The stock of Reliance Industries Limited (RIL), India's largest company by market capitalisation, has slipped by 23 per cent from its highest level in July this year.
The stock of Reliance Industries Limited (RIL), India's largest company by market capitalisation, has slipped by 23 per cent from its highest level in July this year.
This was in line with a bearish trend in equities, where Tata Consultancy Services (TCS) and Reliance Industries faced the sharpest erosion.
The broader market's focus will be on the RBI's Monetary Policy Committee (MPC), which is scheduled to meet from October 7 to 9, with the outcome to be announced on Wednesday, October 9.
At 9.39 a.m., Sensex was up 687 points or 0.83 per cent at 83,635 and Nifty was up 197 points or 0.78 per cent at 25,575.
Nine of the top-10 most valued firms together added Rs 2,01,552.69 crore in market valuation last week.
During the afternoon trade, the market valuation of Reliance Industries Ltd (RIL) was at Rs 12,42,593.78 crore on the BSE.
On the other hand, laggards included HCL Tech, dropped nearly 3 per cent, followed by Axis Bank, Asian Paints, UltraTech Cement and Infosys.
The company's market valuation rose to Rs 12,09,768 crore during morning trade on the BSE.
All verticals showed healthy sequential growth, led by manufacturing, BFSI, Life Sciences and Healthcare, communications and media and retail and CPG.
IndusInd was the top laggard in the Sensex pack, shedding 3 per cent, followed by HDFC, ONGC, Kotak Mahindra, Bajaj Finance, Maruti Suzuki and Bharti Airtel.
