 "RIL out of $100-bn club as market cap slips to $96.5 bn, TCS lone member")
Mukesh Ambani-led Reliance Industries (RIL) is no longer part of companies belonging to the $100-billion market capitalisation club.
The oil-to-telecom conglomerate’s market value has declined to $96.5 billion (Rs 7.1 trillion) following a sharp drop in its shares on Thursday.
Shares of the company closed at Rs 1,121, down Rs 85, or seven per cent -— the biggest single-day drop since August 24, 2015.
Shares of RIL had first crossed $100 billion in market cap on July 12. The company’s market cap remained above $100 billion for 54 trading sessions.
Currently, Tata Consultancy Services (TCS) is India’s only entry to the club of companies with market value of more than $100-billion. The Tata group flagship is valued at $107.4 billion (Rs 7.9 trillion).
TCS’ market cap has come off by nine per cent from high of $118 billion on October 1.
RIL’s market cap is down 19 per cent from the peak of $119 billion on August 28. The depreciation in the rupee against the dollar too has contributed to this fall.
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