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India m-cap slips below $2 trillion after a sharp drop in the rupee

The increase in tax surcharge, introduction of the buyback tax and a lack of stimulus to boost economic growth have left investors disappointed

Business Standard 

Representative image
Representative image

After ceding the tag of the fastest-growing major economy, India has now moved out of the $2-trillion market capitalisation club. The combined market value of all domestically-listed stocks stood at $1.95 trillion on Monday, following a sharp drop in the rupee against the dollar and a slide in the Indian have lost nearly $250 billion in market value since the Union Budget.

The increase in tax surcharge, introduction of the buyback tax and a lack of stimulus to boost economic growth have left investors disappointed.

India m-cap slips below $2 trillion after a sharp drop in the rupee

India, by far, is the worst-performing major market in the past one month, having declined 11 per cent in dollar terms. India’s peak dollar market cap was $2.45 trillion in January 2018, when its rank had climbed to seventh globally. At present, India is the ninth-biggest market in terms of market cap.

First Published: Mon, August 05 2019. 23:03 IST
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